Sir Keir Starmer will warn of modern parallels with the Second World War, as he urges the UK to seize the "dividend" from his plans to raise defence spending.

The Prime Minister is also expected to announce a £563 million contract for Rolls-Royce for the maintenance of Britain's fleet of Typhoon fighter jets, as he speaks at a defence conference in London on Thursday.

Ministers have been keen to stress the boost to jobs and prosperity that plans to increase the UK's defence spending to 2.5% of economic output by 2027 could provide, as they seek to grow the economy.

Speaking at the London Defence Conference, the Prime Minister will say: "Our task now is to seize the defence dividend - felt directly in the pockets of working people, rebuilding our industrial base and creating the jobs of the future."

Sir Keir will also pay tribute to the veterans of the Second World War who fought in the European theatre, as the UK marks 80 years since the Allies accepted the surrender of Nazi Germany.

But he is also expected to reference modern conflicts - such as the Ukraine war - in his tribute.

He will add: "Britain's victory was not just a victory for Britain. It was a victory for good against the assembled forces of hatred, tyranny and evil, for the light of our values - in a world that tried to put them out.

"Now, as you know, there are people who would happily do likewise today. Our values and security are confronted on a daily basis. We must use this moment to deliver security and renewal for our country."

At the conference attended by figures from the defence industry, the military, and academics, Sir Keir will add that capitalising on the defence hike should be a "national effort, and a "time for the state, business and society to join hands, in pursuit of the security of the nation and the prosperity of its people".

"An investment in peace, but also an investment in British pride and the British people to build a nation that, once again, lives up to the promises made to the generation who fought for our values, our freedom and our security," he will say.

The comparison between the Second World War and turmoil in the modern world comes just a day after former US president Joe Biden warned about the impact of allowing Vladimir Putin to keep territory he has captured in Ukraine as part of a peace deal.

Mr Biden said his successor Donald Trump's pressure on Ukraine to give up territory to Russia amounted to "modern-day appeasement".

The charged, historical term refers to a failed effort to stop the Nazis annexing power through a peace agreement in the 1930s.