15 jun 2026
Budgets don’t build defence: Britain must join defence bank
The solution to how we unlock greater defence investment can be found in the former Defence Secretary’s letter of resignation. John Healey argued there are credible ways of meeting the funding challenges posed by a more dangerous world through working multi-nationally with other countries. He was right. For too long, our defence debate has focused on spending targets: percentages of GDP, Treasury settlements and fiscal rules. These matter, but they are not enough. We also need to ask how we finance the industrial expansion required to deliver the capabilities our Armed Forces need.
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