Business of the House

Bobby Dean Excerpts

Thursday 29th January 2026 Commons Chamber

[Madam Deputy Speaker (Ms Nusrat Ghani)]

I call the Liberal Democrat spokesperson.

[Bobby Dean (Carshalton and Wallington) (LD)]

I associate myself with the comments made by the Leader of the House about Holocaust Memorial Day and the tributes he paid to the people we have lost.

Last weekend, all the plotting and deceit finally reached a climax. I have to say that the man from the north who I wanted to win that battle did not quite make it. Still, Faraaz played a good game and I thought that Stephen and Rachel were worthy winners of “The Traitors”—[Laughter.] I thought that deserved more.

Moving on, I think the whole House can agree that the world has become less safe. Russia’s aggression in Ukraine and the instability that Trump has brought to the NATO alliance has focused minds across Europe. We all know that we now need to find a way to increase defence spending as quickly as possible. This week, the Liberal Democrats put forward an idea about the possibility of issuing defence bonds. That would raise funds not only via the financial markets but allow ordinary Brits to take part. We could issue them on a fixed-term basis and hypothecate them specifically to capital spending on defence. We believe that that could help us achieve 3% of defence spending by 2030 and allow everybody to participate in the effort.

Pension funds and investment portfolios allow people to select the style of portfolio that they would like. Sometimes people tick a box to say that they want to invest in environmental, social and governance measures. We believe that if there was a UK-focused portfolio, many people would choose to opt in. In fact, research suggests that Brits would be willing to see lower returns on their investment if they knew that their money was going to a good cause, and to British assets in particular. Could we have a debate in Government time on just how we can get to that 3% target as quickly as possible? We need to build cross-party consensus on that.

[Sir Alan Campbell]

The Government are absolutely committed to increasing spending on defence to 2.5% of GDP by April next year, and the Prime Minister has set out his ambition to spend 3% of GDP on defence in the next Parliament, but I take the hon. Gentleman’s point, because the world appears to be a less safe place. That means that we need to build better, deeper coalitions with our allies, but of course we must also play our part fully by increasing defence expenditure, and the Government are absolutely committed to doing that.

I find the idea that the hon. Gentleman raised of a defence bond genuinely interesting. I will raise it with the Secretary of State, at least to get the hon. Gentleman a response. I happen to believe that we do not debate defence enough in this House. [Interruption.] Well, not compared with how it was some time ago. I will therefore see what prospect there is of bringing forward a defence debate in the near future, in which we talk not just about what is happening in the world, but about how we might best support our armed forces.