UK Defence Secretary Holds Talks With Canada on Joining Proposed Global Defence Bank

Britain's Defence Secretary John Healey is in talks with the Canadian government about the United Kingdom potentially joining a proposed multilateral lender known as the defence, security and resilience bank (DSRB), according to the Guardian, which reported that the UK has been formally invited to become a founding member of the institution.

The bank, an initiative led by Canada, is intended to help allied nations rearm in response to what proponents describe as mounting security threats. Supporters of the proposal say the institution could allow the UK to fund defence projects at a lower cost than existing financing arrangements.

The report said Healey's discussions with his Canadian counterpart were planned for this week, and come just weeks after Chancellor Rachel Reeves was understood to have rejected the move. Despite that earlier position, the Guardian reported that Reeves is now understood to be actively considering a bid for the UK to join the bank.

The Guardian described its report as exclusive, citing sources familiar with the matter. Further details on the structure, funding mechanism, or timeline for the proposed defence bank were not disclosed in the available reporting.

Neither the Ministry of Defence nor the Treasury has issued a public statement confirming the details of the talks, according to the available source material. The Canadian government's position on the UK's potential membership was also not specified in the report.