Business · 13 June 2026

UK almost joined £870m defence bank

Richard Townshend via Wikimedia Commons (CC BY 3.0)

Former Defence Secretary John Healey privately pushed for Britain to join a new international bank, aiming to boost military spending cheaply. Canada spearheaded the idea, but the Treasury resisted the UK's upfront investment of around £870m. Healey believed joining could bridge a funding gap, resigning on Wednesday over insufficient defence investment.

By BriefTea Editorial · 13 June 2026 at 13:25

Reported by BBC · How we write briefs

Get the app

More briefs

BusinessPound climbs to $1.3329 after strong August UK growth data BusinessBritish Food and Drink Exports to EU Fall by Over a Third BusinessIMF economist says UK should cut spending, not tax banks PoliticsHealey Rejects Mansion Tax Change That Would Double Homes Affected BusinessOfgem Plans Charge That Could Make Cheap Energy Deals Harder to Find BusinessBank of England's Bailey Says Inflation Pressures Subdued as Rate Rise Looms More business stories → Browse all stories →