Since the historic Nato summit in The Hague one year ago this month, European leaders have pledged massive increases in defence spending in the face of increasingly acute threats of Russian aggression. Yet the reality is that key west European governments – especially the UK, France and Italy – are not putting their money where their mouth is for fear of undermining lenders’ confidence in their national debt.
Keir Starmer, Emmanuel Macron and Giorgia Meloni are behaving as if they were more scared of the bond markets than they are of the Russians. The dramatic resignation of the UK defence secretary John Healey in protest over Starmer’s reluctance to ramp up investment highlights how politically treacherous it has become to find these much-needed resources.
