The UK’s Armed Forces are set to receive a £16.5 billion increase in the defence budget in what would be the biggest investment in the military since the Cold War.

The money is likely to be spread over four years and in turn create 10,000 new jobs in the UK.

It is anticipated that a “Space Command” centre is top of the priorities alongside Cyber Security. The UK Space Command will likely oversee the launch of the UK’s first rocket by 2022.

The Prime Minister said: “I have taken this decision in the teeth of the pandemic because the defence of the realm must come first.

The International situation is more perilous and more intensely competitive than at any time since the Cold War and Britain must be true to our history and stand alongside our allies. To achieve this we need to upgrade our capabilities across the board.

This is our chance to end the era of retreat, transform our armed forces, bolster our global influence, unite and level up our country, pioneer new technology and defend our people and way of life.”

Mr Johnson is due to unveil his plan at the House of Commons today.

Defence Secretary Ben Wallace said: “This is excellent news for defence and provides us with the financial certainity we need to modernise, plan for the future and adapt to the threats we face.”

Read all about the International Space Pitch Day and what that means HERE!