- 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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