James MacCleary

As the hon. Member says, he has asked me that question before. I have done my homework, and we have published the full background. This sits within the Government’s fiscal rules, and is actually a relatively small cost to the Government. Let me now ask the hon. Member—he may wish to answer during his own speech—how his party would invest quickly in defence spending. This is a credible proposal, and I should like to hear credible proposals from others too. We should like the Minister to announce defence bonds, with no further delay. With conflict in the middle east, it is easy to lose focus on the war much closer to home, in Ukraine. The United Kingdom has so far committed £10.8 billion in military support between February 2022 and March 2026, drawn from the Treasury reserve. The £3 billion annual pledge and the G7 loan facility are welcome commitments, but we can and should go further. The UK holds an estimated £25 billion in frozen Russian assets. My party has tabled the Russian Frozen Assets (Seizure and Aid to Ukraine) Bill to direct those funds to Ukraine’s military, reconstruction, and humanitarian defence, and we are calling for that today. National security is the first duty of any Government. The spring statement contains real increases in defence spending, and I do not dismiss that, but it also contains a £9 billion accounting adjustment with no explanation, a defence investment plan that remains unpublished, and a 3% target that is still under vague consideration. British forces are currently engaged in defensive combat operations to protect our bases and citizens in the middle east and eastern Mediterranean. We must focus on not just new kit but existing kit, and it is conspicuous that so many of our vessels are not currently available to the Navy. The Liberal Democrats have been clear about what is needed. We have proposed pragmatic, realistic steps to make our nation safer now and in the future.