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Lord Livermore (Lab)

Speaking in the House of Lords on 19 May 2026

Debate

Defence, Security and Resilience Bank

Contribution

I agree with much of my noble friend’s analysis, but they are two slightly separate issues. The Government have been very clear that there is nothing contradictory between ESG considerations and defence, and that no company should ever be denied access to financial services solely on the basis that they work in the defence sector. The Government are working closely with the defence sector and with financial services to identify the extent of this issue, to reduce barriers to essential banking services and to support a resilient defence industry. More widely, the proposed multilateral defence mechanism will help improve value for money and address fragmentation in the defence sector through joint procurement. It will support greater standardisation and interoperability, helping to ensure that allies’ capabilities work together more effectively. It will increase the availability of munitions and other critical capabilities when we need them most. It will support a more resilient and efficient defence industrial sector, and it will accelerate defence sector investment.

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