Politics · 3 hours ago
Healey Considers Off-the-Books Borrowing to Fund Defence
Richard Townshend / UK Parliament, CC BY 3.0, via Wikimedia Commons
Chancellor John Healey is reportedly considering Gordon Brown-style off-the-books borrowing to lift defence spending to 3% of GDP by 2030. Options include private finance deals where companies fund new kit upfront, defence bonds, and an international defence bank with allies. Rachel Reeves opposed similar ideas as chancellor. Defence Secretary Wes Streeting said any deals would differ from New Labour's costly PFI contracts of the past.
Reported by The Independent · How we write briefs