UK seeks to rearm by sidestepping the EU

Proposals to create a European Rearmament Bank are gathering momentum, with Treasury officials reportedly taking centre stage at a recent gathering of “select” allies.

According to Politico, the wonks have set out plans to create economies of scale, buy weapons and cut the cost of defence procurement, while avoiding placing the burden on national budgets.

Last month Keir Starmer told MPs there was a discussion taking place about future funding.

Things now appear to be on the move – countries including Sweden, Denmark, Finland, Poland and the Netherlands were also at the meeting.

But Politico notes that the likes of Spain and Italy might not be “on the same page”, preferring a rival plan by the European Commission to offer €150 billion in loans.

Those are not available to non-EU countries such as the UK.