He said: “We’ve entered an era of huge insecurity and Britain has always played an important role in using our hard power wisely, to defend international standards and values.
“We’ve enjoyed 30 years of relative peace, there has clearly been the insurgency issue which has been very serious.
“But this is the first time in decades that we’re dealing with state on state aggression.
“When we look at the details of where this could take us in the next couple of decades it’s clear that our armed forces will be overstretched.
“The last defence review saw some swathing cuts to our manpower, to our tanks, to our armoured fighting vehicles, to our ships, indeed to our aircraft as well.
“We can’t do all the heavy lifting, but if we want to play an influential role on the international stage, particularly when we see America hesitating in the European theatre of interest, then absolutely we need to look carefully at increasing defence spending.”
Host Mark Dolan also asked his other guest, former London Mayor Ken Livingstone if Britain should increase its defence spending.
However, in contrast to Mr Ellwood the former Labour MP argued that it shouldn’t, declaring: “We’re not under threat”.
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“So I’m a bit disappointed that they haven’t already done that.
“But we don’t need to spend anymore.
“All my life, I’m 76, we’ve spent much more on the military than we ever needed to, most of that money has ended up being wasted.”