Report
Britain will not join Canada-led defence bank; governments plan cooperation
A joint UK-Canada statement quoted by Reuters says the governments would develop a framework for cooperation between their initiatives.
TLDR
Britain will not join the Canada-led Defence, Security and Resilience Bank, Reuters reports, while the two governments plan a cooperation framework for their separate initiatives. The Financial Times attributes the failed merger to disagreements over headquarters, procurement and membership rules. It reports an initial £400 million UK commitment to the separate Multilateral Defence Mechanism and says Chancellor John Healey is expected to back it in his Wednesday budget.
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