Carney raised the subject in a call with Starmer Monday, in which he “emphasized the DSR Bank’s potential to unlock private capital to fund defense and security firms across the supply chain – creating massive opportunities for workers and businesses,” according to the Canadian readout.
The readout added that the two men “agreed to task their teams to work together to advance this objective and ensure alignment of Canadian and U.K. efforts.”
Starmer is facing increasing calls to sign up from his own party and the British defense industry.
Two Labour MPs told POLITICO the government ought to seize on the opportunity as it seeks to ramp up military spending.
Alex Baker said “this could be as significant as creating a modern-day NATO, as Labour did 77 years ago,” while Luke Charters said the initiative would help “build a prosperous, globally engaged U.K. while keeping our country safe, a vision the prime minister has rightly championed as Europe looks for stability in uncertain times.”
Make UK Defence, a trade body representing manufacturers, has been advocating the move, which it said ought to be even more urgent in light of Starmer’s comments at the Munich Security Conference.