Stories

Tue, 15 Sep 2026

Tue, 15 Sep 2026 UK in talks about joining global defence bank led by Canada

Supporters of the scheme say the bank would enable governments to get cheaper loans to spend on defence projects.
Chancellor John Healey is said to be in discussions with Canada's Prime Minister Mark Carney about joining the Defence, Security and Resilience Bank (DSRB). The DSRB would enable governments to borrow at lower costs to increase military spending. The UK government has been looking for ways to fund its growing defence commitments, which are set to rise due to increased tensions with Russia over Ukraine. Membership of the bank would come with an upfront investment cost of around £870m spread over three years. The UK has so far avoided committing to raising defence spending to 3% of national income by 2030. The move is seen as a way for the UK to join international efforts to scale up its defence industrial capacity and work alongside other countries to meet growing threats from Russia.