Britain, Finland and the Netherlands are considering a joint mechanism to finance and procure weapons, munitions and military equipment, as war in Ukraine and the Middle East drives up pressure on Western defence budgets.
The three countries, together with unnamed partners, are exploring setting up the new framework by 2027, which would accelerate investment and boost demand for defence equipment, according to a statement issued by Britain on Tuesday. The mechanism would complement existing NATO and EU initiatives rather than replace them.
“By joining forces, we get more security with the same resources and we strengthen our alliances as well,” Dutch Finance Minister Eelco Heinen said.
The announcement came as British Prime Minister Keir Starmer and Ukrainian President Volodymyr Zelenskiy were due to meet in London on Tuesday, with NATO Secretary General Mark Rutte expected to attend.
British Finance Minister Rachel Reeves said the country needed to deepen cooperation with allies and strengthen its defence industry. She was due to say later on Tuesday that she wanted closer ties with the EU, having argued last month that European defence cooperation could improve value for money in areas such as interoperability and procurement.
(Reuters)
