Technically, we are richer in absolute terms than we were when we had an empire and could certainly afford more. However, we have come far from the days when the public cried ‘we want eight and we won’t wait’. Spending on defence is not a vote winner and the budget is shaped accordingly....
Having looked at the figures, I can’t quite see how we are ‘richer in absolute terms and could certainly afford more’.
Our current deficit is greater than all our previous deficits added together.