Sir Keir Starmer will outline a plan today to increase defense spending to 2.5 percent of GDP.
In a Commons statement, the PM will commit to raising military funding immediately.
It comes just a day before Sir Keir jets off to Washington DC for a showdown meeting with Donald Trump.
The US President has demanded European leaders drastically increase their defence budgets rather than relying on America.
Sir Keir had already pledged to raise military spending to 2.5 per cent of GDP but had refused to lay out a timetable to hit the target before the election.
Mounting calls from Mr Trump, NATO leaders, military top brass and the Tories to reach the target have been growing in recent weeks.
A renewed urgency also comes from peace talks to end the war in Ukraine, where Sir Keir has committed to put British boots on the ground.
He has, however, dismissed demands from senior officers to hike defence spending to as much as 2.65 per cent of GDP - a move that would cost an extra £10bn.
Cabinet departments have been bracing for deep spending cuts in order to fund the massive armed forces cash injection.
At a reception commemorating the third year anniversary of the Ukraine war last night, Sir Keir declared that Kyiv’s fight against Russia "is also about us".
The PM said: "This is bigger than Ukraine – it is, of course, about Ukrainian sovereignty but it not just Ukrainian sovereignty.
"It is about our way of life, our freedoms, about security and defence in Europe, and security and defence here in the United Kingdom, and the values that we hold dear."
Tory leader Kemi Badenoch this morning said that the 2.5 per cent "is now no longer sufficient".
She said: "Rebuilding will be achieved by having a plan to rearm based on an efficient, focused military, equipped with, and trained to use, the new kinds of weapons we have seen deployed to devastating effects in Ukraine.
"We also need to be honest enough to admit that military procurement still needs a fundamental redesign to be faster, more responsive and to deliver better value for taxpayers.
"The message should be simple: we must do what it takes to protect Britain."
Labour has commissioned two retired generals to carry out a Strategic Defence Review.
The party previously said it will wait until Spring before setting out a pathway to 2.5 per cent.
But ahead of meeting Trump, the PM has been pushed into forming a plan early.
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