James MacCleary

I thank the Minister for his intervention. It would be a chance to back our armed forces, our security and Britain. We know that properly funding our nation’s security is critical to meeting the threats of this new and unprecedented era, and we also need to ensure that defence funding can generate wider growth in our economy. That is exactly what those bonds would deliver, supporting jobs and an expansion of our defence industrial base across Britain. Do not just take my word for it; we need to listen to the voice of British industry, academics and financial institutions. In the Institute for Fiscal Studies’ September 2025 green budget, it was clear that borrowing for defence could lead to higher growth, particularly when that additional defence spending is investment heavy. We also need to recognise that the long-term regeneration of our armed forces will require even higher and sustained increases to defence spending—up to 3%. The Liberal Democrats have called on the Government to commit to cross-party talks to agree a shared approach to achieve that. I hope that the Minister will be open-minded about those talks. We must look to secure and expand the UK’s involvement with financial instruments that offer cheap, new access to defence finance. That is why the Government must re-examine the negotiations to enter the Security Action for Europe fund. I hope that the Prime Minister will take a direct role in getting British access to that. Will the Minister update us on negotiations for access to that fund?