- John Healey , the new chancellor , is reportedly reconsidering joining a Canada-led global banking scheme to secure cheaper financing for defence projects.
- Healey, who previously resigned as defence secretary, faces the challenge of finding an additional £18bn for defence.
- The Independent understands that Healy’s desire to join the Global Defence Bank was previously blocked by Rachel Reeves , the former chancellor, who was concerned it would breach her strict borrowing rules.
- Two former Tory defence secretaries, Sir Gavin Williamson and Sir Malcolm Rifkind, have expressed conditional support for the proposal.
- The Global Defence Bank, which currently includes nine countries, would cost the UK around £870m for three years, according to the i Paper , but offers a mechanism to pool resources to finance defence companies and indirectly fund military spending.
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