Norway boosts defence spending by £44.5bn to combat Russian aggression

Norway’s planned annual defence spending in 2036 will, on a comparable inflation-adjusted basis, be about 83 per cent higher than the current level, according to Oslo.

The invasion of Ukraine has shifted Norway’s discussion on military spending, despite the Nordic nation never having been at war with Russia.

“This plan represents a historic boost in defence spending, and involves a significant strengthening of all branches of the armed forces,” Jonas Gahr Stoere, the prime minister, said.

Norway’s sovereign wealth is the world’s largest and has assets of £1.25 trillion.

This meant it could fund the military spending without slashing cash for hospitals or schools, Mr Stoere said.

Annual government spending from the wealth fund will remain restricted as before to 3 per cent of the overall assets.

“We must expect that Norway will live with a more dangerous and unpredictable Russia for many years,” the government told parliament on Friday.

“The relationship with Russia will for a long time to come be demanding, and in many ways defining, for Norwegian security and defence policy,” it added in a paper.