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Thank you so much, Defence Secretary, dear Wes (Streeting), for this very gracious introduction.

It’s great to be with you today on board the HMS Prince of Wales.

Thank you, Jens (Stoltenberg), for your speech. I must say in the Netherlands they are slightly worried now that I might return one day, as Finance Minister. They thought they got rid of me. This could be a new trend. And by the way being Finance Minister of Norway must be a great job. And I know you love doing it. I can also tell you, you left behind very big shoes to fill. So, thank you for everything you did in your over 10 years for NATO. It is really amazing. Thank you.

And let me also thank the UK government for the announcement, indeed, in your recent budget. Because what, basically, the UK committed to is reaching 3% of GDP in 2030, and that means a credible path to this famous 3.5% in core defence spending by 2035. And this is paving the way for a more secure future.

It also means that the United Kingdom will double its defence spending in 10 years. This is an incredible number. I always said where Germany is doubling its defence spending in eight years, that they will spend more than the French and the Brits combined. That’s not any longer true, because now the UK is really catching up.

And this will also help to develop the warfighting capabilities that NATO needs to keep our people safe.

I also want to thank you, General Sir Gwyn Jenkins, and of course Commodore Richard Hewitt and Captain Ben Power. Good to see you here.  And the entire crew - for hosting us here, today. My understanding is that only a couple of days ago, F-35s were on this ship. And I understand that if you open up that curtain, you will have another conference room of this size. So, it tells you about the size of this huge endeavour.

But also thank you for what you do every day for our deterrence and defence.

It’s great to see here, physically, how you, the HMS Prince of Wales is working together with other NATO Allies, including Norway, but also France, Germany, Portugal in this carrier strike group, and so many other representatives here from other nations, from Latvia, the Netherlands…it’s really great to see this group of people here.

And this is helping to enhance our security across the whole of the North Atlantic and the High North.

Therefore, let me start today, with a poem by Lieutenant Edward Hilton Young. He wrote this aboard the HMS Iron Duke, and this was in 1914:

“Not ours the fighter’s glow,
the glory, and the praise.
Unnoticed to and from
we pass our dangerous ways …

But when the great ships go
to battle through the gloom,
our hearts beat high to know
we cleared their path of doom.”

And today, on the 11th of November, we commemorate all those who fought and died for our countries, and for our freedom.

I wanted to share this poem in particular, to honour all those who have served at sea.

We must not take for granted the freedom and the security of our seas.

The goods that are shipped to us from distant shores.

The internet cables that connect our continents.

The energy shipments that power our industries, heat our homes, and keep our world moving.

We rely on our sailors to protect our lines of communication, and maintain freedom of navigation for our vital supply routes.

 

Today, we face an increasingly complex security environment. We all know this.

In the maritime domain, we see Iran disrupting freedom of navigation in the Strait of Hormuz.

Russia is, as we speak, striking shipping in the Black Sea, and it continues to put its Shadow Fleet to sea.

We have seen the threats to undersea cables in the Baltic Sea, and beyond.

In the Mediterranean, there are challenges from irregular migration and trafficking, and we maintain counter-terrorism monitoring. 

In the Arctic and High North, Russia has significantly increased its military activity, re-opening Soviet-era deep-water ports and testing - testing new weapons.

And China has a growing interest in the region, seeking to gain access to energy, critical materials, and sea lanes. 

 

So, it is more important than ever that we work together to strengthen our shared security, and invest even more in deterrence and defence.

The HMS Prince of Wales and the carrier strike group are a great example of this.

Not only with the ships that Allies have contributed.

But also through exercises like Neptune Strike, which help even more Allies train and operate as one, under the NATO flag.

The North Atlantic is the bridge that connects the two continents in our Alliance.

It is critical that we maintain our presence and strength across the ocean.

One of the main duties of NATO’s Joint Force Command in Norfolk, Virginia is to secure the strategic sea lines of communication across the Atlantic. And I welcome that a British General recently took over command.

The North Atlantic is also a vital route of reinforcement.

And it’s worth remembering that the target of Russia’s nuclear submarines coming out of the Kola Peninsula would not be its immediate neighbours, but rather the east coast of the United States.

As NATO Allies, we work together to ensure they would never break out into the North Atlantic. And one of the most telling moments, and you were there in that meeting, Jens, with Jonas Støre, the Prime Minister of Norway, explaining to the American President, saying these submarines are not there to attack Norway, they are there to attack the United States, and we prevent them from doing so. This is NATO in action.

In recent years, NATO has significantly enhanced our deterrence and defence posture in the High North.

We now have seven of the eight Arctic states now as NATO Allies. Finland and Sweden have brought additional Arctic expertise and capabilities. Under Jens’ leadership, they became members of NATO.

And the launch of NATO’s Arctic Sentry earlier this year has increased our presence – with more exercises, more assets deployed, and more eyes on the North every day.

But of course, we all know, we don’t just face challenges at sea, or in the Arctic. 

Russia’s war against Ukraine continues.

Putin is failing on the battlefield. In the past few months, Russia has been losing more than 40,000 troops - killed or seriously wounded - every month. 40,000. The United States in 14 years, in Vietnam, lost 56,000. Here in one month, Russia, dead or seriously wounded, 40,000. And in October, early reporting indicates this number may have climbed to over 50,000. 50,000 in one month.

Putin is trying to break Ukraine’s will to fight by targeting civilians. He’s hitting Ukrainian cities with missiles and drones, attempting to destroy critical infrastructure as we head into winter.

Russia has also ramped up its campaign of hostile actions across Europe. Putin is trying to divide us, destabilise our societies and disrupt our support for Ukraine with arson, drone incidents, cyber-attacks, and other malicious activities. 

But let’s be clear. He is failing.

For every Russian hybrid attack against our nations, we are sending more support to Ukraine.

NATO Allies are rapidly scaling up defence investment to grow our military to continue to defend every inch of Allied territory.

I mentioned earlier the UK’s commitment towards investing 3.5% of GDP on core defence by 2035.

Our host Norway is also making significant investments, and also has a clear path to 3.5%.

And we see basically the same strong commitment from other Allies – five Allies are projected to reach or exceed the full 5% target in 2026.

In 2025 and 2026 combined, European Allies and Canada are increasing investment by more than 250 billion dollars. 250 billion dollars, more in two years, and this then continues each year.

These investments are helping develop and deliver the capabilities we need for deterrence and defence.

Things like air and missile defence, deep precision strike, uncrewed systems, intelligence, and much more.

Allied defence investments are boosting innovation, expanding defence industrial production, supporting new technologies, and creating good jobs. It’s also good news for the economy, therefore.

Ultimately, these growing investments are helping NATO maintain our combat readiness and increase our warfighting edge.

All of this is building a stronger Europe in a stronger NATO.

But let’s be honest, we need to do more. And here, I need you all here in this room, to play a role. And I have a few concrete requests.

Defence companies are expanding production. Thank you for doing that. But demand still exceeds supply, as we speak. To all of you in this room on the industry side, we need you to do even more. Increase production. Further innovate. Work together. It is crucial. We can’t afford to wait. Thank you for what you are doing. We need much more of it.

And please if, in this room, you’re an analyst or someone who is involved in influencing policy or communicating policy to the public, you have a role to play. Explaining why this matters. Making the case. I know these aren’t easy decisions, but the need is clear, and you can help.

And then to all of you, whether you are military or civilian, in government or in the private sector: the pace of hybrid attacks against our countries is accelerating. So, we must rapidly strengthen our resilience against these threats. And this requires all levels of government, private companies and the whole of society to step up to the plate. And countries like Norway and Sweden are leading here, and we can all learn from them, but we have to do it. And please, all of you, be it in the government or in the private sector, again, military or civilian, we need your help.

European Allies and Canada, working with the United States, are assuming greater responsibility for conventional defence.

And not only will this make burden sharing fairer, it will also make the whole Alliance stronger and more secure.

Here again, the carrier strike group is a great example – a group of European Allies working together, providing a key capability and securing a vital area in NATO.

So we also need more of this.

To help us prevent war and preserve peace.

And ultimately, that’s what NATO is for. That’s what NATO has done for almost 80 years.

And today, the 11th of November, of all days, reminds us about the price of peace. And the terrible cost of war.

To all those who serve on this ship, and to all the men and women in uniform who serve across our Alliance.

Thank you.

You stand ready to defend against any threat.

Your courage gives us confidence.

Because we know we stand strong together to protect our freedom, our democracies, and our way of life.

No matter what challenge may arise, our Alliance will always rise to meet it.

We will continue to build our strength.

We will continue to adapt to a changing world. 

And we will continue to work together – 32 Allies, from both sides of the Atlantic.

On land. In the air. In space and cyberspace. And, yes, of course, at sea.

Thank you.