London, United Kingdom. Britain, Finland and the Netherlands are considering a joint mechanism to finance and procure weapons, munitions and military equipment as wars in Ukraine and the Middle East increase pressure on Western defence budgets.
Plan for a new framework
The three countries, together with unnamed partners, are exploring setting up the new framework by 2027, according to a statement issued by Britain on Tuesday. Britain said the mechanism would aim to accelerate investment and boost demand for defence equipment and would complement existing NATO and EU initiatives rather than replace them.
Statements from Dutch and British officials
“By joining forces, we get more security with the same resources and we strengthen our alliances as well,” Dutch Finance Minister Eelco Heinen said.
British Finance Minister Rachel Reeves said Britain 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, after arguing last month that European defence cooperation could improve value for money in areas such as interoperability and procurement.
Meeting planned in London
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.
How do you think a joint procurement mechanism could affect defence spending among allies?