L

Lord Fox (LD)

Speaking in the House of Lords on 19 May 2026

Debate

Defence, Security and Resilience Bank

Contribution

My Lords, as the Minister knows, financing rearmament is a challenge for all NATO countries, which is why I am a bit puzzled by the Government’s response. A viable defence, security and resilience bank would tick a number of important boxes: it would be multilateral; it would work with a greater number of allies; it would help project finance span election cycles; and it would cost-effectively pull in private finance. Yet last September the British Government ruled out joining the scheme, and this year when Canadian Prime Minister Mark Carney made a direct request, the British Prime Minister gave only a lukewarm response. Why is it not in the interests of this country to pursue the creation of this scheme, which could go alongside all other schemes?

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