Labour MPs and defense industry representatives have warned that London risks missing out on yet another opportunity to finance the armed forces, having failed to join the EU’s Security Action for Europe (SAFE) program last year.
The DSRB was conceived by former head of NATO innovation, Rob Murray, and has been backed by Canadian PM Mark Carney. The initiative aims to create a multilateral AAA-rated bank that can provide loans to allied governments and allow countries to borrow directly from the institution at a lower cost.
Carney has lobbied Starmer repeatedly to have Britain join the bank. However, the U.K. Treasury has expressed little enthusiasm for the proposal so far, instead focusing on a separate initiative with the Netherlands and Sweden.
Meg Hillier, chair of the Treasury select committee, said of the DSRB: “There are options out there about how we can get money into defense without it always being public money, so I think those discussions need to be had, sharpish.”
Alex Baker, a Labour MP on the parliamentary defense committee, said: “As our allies move ahead with charter negotiations, we cannot afford to be left behind.”
Luke Charters, chair of the all-party parliamentary group on financial technology, said the bank offers “an opportunity to strengthen coordination with European and transatlantic partners while building a lasting legacy of responsible finance, innovation and economic security.”