James MacCleary

James MacCleary

Liberal Democrat — Lewes

Speaking in the House of Commons on 2 February 2026

Debate

Support for Defence SMEs

Contribution

We all know that we must urgently increase defence spending, but we are not hearing many ways to get it moving right away without harming British security in other ways. Slashing international development aid or investment in renewable energy, for instance, is just robbing Peter to pay Paul. The Chief of the Defence Staff has warned that there is a £28 billion funding shortfall, so I want to offer the Secretary of State a practical, costed way to close much of that gap. Defence bonds would raise £20 billion over the next two years and get investment straightaway into capability and the industrial base, including the SMEs we rely on. Will the Secretary of State give this proposal serious consideration as part of a clear, funded plan to plug the funding gaps and get defence investment moving?

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