G8 news

$1 trillion on arms

Global arms spending reached $1 trillion in 2004 – for the first time since the Cold War, according to the Stockholm International Peace Research Institute. The US spent $455 billion with Britain, on $47 billion, the second largest spender. At the same time the amount spent on aid was $78 billion.

Even more shocking, the Campaign Against the Arms Trade reports that seven of the G8 nations are among the world’s top ten arms dealers, half of whose exports ($12 billion) went to the developing world. Five members of the G8 – the US, Britain, France, Germany and Russia were responsible for 89% of arms sales to developing countries.