This is a good time to be in the business of defence – so much so that Donald Trump is reported to be rebranding the US Department of Defence as the Department of War.
After more than three decades of the peace dividend that came from the end of the Cold War with the Soviet Union, government spending on weapons and platforms to deliver them is rising sharply again.
There are three big reasons from three big powers.
Under President Putin, Russia's aggression in Ukraine has persuaded the rest of Europe that Moscow's nationalism is a wider threat, including to Nato alliance members that used to be within the Soviet Union.
Under President Trump, the American pillar of Nato is fundamentally weakened. He might come to the aid of Europe if Russia expanded the Ukrainian war, but one never knows. The US can no longer be trusted to do so.
