UK eyes joining multinational defence fund to boost spending amid Treasury pushback
Former defence secretary John Healey privately urged the UK to join the Defence, Security and Resilience Bank (DSRB) to fund higher defence spending; the Treasury, including the chancellor, was reportedly reluctant, exploring alternatives such as a Multi-Lateral Defence Mechanism and talks with Poland. The DSRB—led by Canada and set to launch at a Nato summit—would require roughly £870m upfront from member countries. Canadian PM Mark Carney has been pushing the idea, while ministers have been mulling it for months with the chancellor reportedly unwilling to pay.