Strategic Defence Review: Funding

Brian Mathew Excerpts

Wednesday 15th April 2026 Commons Chamber

[Luke Pollard]

I thank the right hon. Gentleman for that very fair question. My colleague in the House of Lords, Lord Coaker, is the Minister leading on the national conversation. The right hon. Gentleman will have seen that Lord Coaker recently published the defence diplomacy strategy. Although it deals with more traditional diplomacy, it also deals with the necessity of speaking to our own people and to the wider population about how to respond to the threats we face. We are still in the early stages of forming the proposal for that formal national conversation, but, again, it must be a cross-Government effort that includes the Cabinet Office and Departments beyond the Ministry of Defence. The way we defend our nation in the 21st century is not just about the brilliant men and women in uniform; it is a whole-of-Government and whole-of-nation effort. That is why we are trying to kick-start that conversation. A debate about defence spending certainly contributes to that.

[Brian Mathew (Melksham and Devizes) (LD)]

Have the Government considered issuing defence bonds, as proposed by the Liberal Democrats, to ringfence capital for defence spending? If not, why not?

[Luke Pollard]

I thank the hon. Gentleman for that Lib Dem proposal. I would be interested to see the detail on who ultimately pays for it. He will know we have made a commitment that, following the publication of the defence investment plan, we will publish the defence finance and investment strategy, which will set out how we can support businesses large and small and bring further investment into the sector. It will deal with everything from preventing small defence businesses from being debanked—a real scandal and problem for small businesses as they seek to grow—to leveraging patient and venture capital with a potential interest in defence, in order to expand UK businesses and support the development of capabilities. That will renew our own capabilities and provide export opportunities. We are doing more work in that regard.