Tanmanjeet Singh Dhesi
Main Page: Tanmanjeet Singh Dhesi (Labour - Slough)Department Debates - View all Tanmanjeet Singh Dhesi's debates with the Ministry of Defence
(1 month, 3 weeks ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Mr Tanmanjeet Singh Dhesi (Slough) (Lab)
Some hon. Members have advocated for defence bonds. As the Secretary of State will be aware, the Defence Committee has examined in detail various defence financing options, including a defence, security and resilience bank—the Canadians have stolen a march on us, even though the idea was developed by a former British Army officer. There are multilateral defence mechanisms, and other nations have opted for a loosening of the fiscal rules just for defence. Obviously, these are not either/or options, but given the increased threats and the level of volatility, we must accelerate investment in defence to 3% GDP spend in this Parliament. Given that context, what options and course of action are the Government pursuing? We cannot keep plodding along at the current pace; we must meet the moment.
John Healey
With all due respect—and I have a great deal of respect for my hon. Friend—the biggest increase in defence spending since the end of the cold war is hardly the plodding path he describes. I welcome his Committee’s inquiry into defence investment and its report. I know that Gordon Brown, the former Prime Minister who has been commissioned by the Prime Minister to look at multinational financing of security, will use that report as an important part of his work, which I welcome. My hon. Friend will be aware that the Prime Minister said in his Munich speech in February that
“We must build our hard power, because that is the currency of the age.”
We know that we must spend more faster, and we will.