UK to join NATO defence bank

The British government is considering joining the Defence, Security and Resilience Bank (DSRB) as it seeks funding to increase the country’s defence budget. According to a report by The Sun newspaper on Sunday, Finance Minister John Healey said that increasing spending on the defence industry would be one of his top priorities. The British government intends to meet its defence spending target, said Healey, who previously served as defence minister under Keir Starmer’s leadership. Prime Minister Andy Burnham, who was sworn in on Monday, will increase UK defence spending to 3.5 per cent of GDP by 2035, the report added. The idea of establishing the DSRB was announced at the 2025 NATO summit. It aims to raise £100 billion to provide loans to member governments and defence companies.