Canada urges U.K. to join defence financing bank

Canada is pressing the United Kingdom to join a new multinational bank designed to help finance defence projects, according to Canada’s high commissioner in London, Bill Blair. The Defence, Security and Resilience Bank is a Canadaled initiative expected to begin operating by 2027. It would provide lowcost loans to support defence companies and strengthen allies’ supply chains as NATO members face pressure to raise military spending. The bank has backing from eight other countries, but no other G7 members have signed on so far. Canadian officials say they are now reengaging the U.K. after Andy Burnham became prime minister, while British officials are still reviewing whether to take part. Canada’s negotiator for the project, Isabelle Hudon, is in London with cabinet ministers to promote the plan.