Britain has decided not to join the Global Defense Bank—initiated by Canada and known as the Bank for Defense, Security, and Resilience—opting instead to back a separate UK-led initiative called the Multilateral Defense Mechanism, aimed at addressing a multi-billion-pound shortfall in its defense budget. Prime Minister Keir Starmer discussed the possibility of British participation in Canada’s proposal with Mark Carney last month, but on Sunday, the UK announced it would not proceed with the plan and also rejected proposals to establish dual headquarters for the bank in Canada and Europe. The move may be interpreted in some quarters as a rebuff to Carney and his broader effort to strengthen ties with other middle powers. However, UK officials maintain that the country’s “historic relationship” with Canada remains strong, and that the decision not to merge the two initiatives was made jointly by both sides. Chancellor Jeremy Hunt is expected to announce support for the Multilateral Defense Mechanism in the budget statement scheduled for Wednesday, with the UK committing an initial £400 million to the financing initiative. The Netherlands, Poland, and Finland have already signed on. European and Canadian officials had previously explored linking the two initiatives.
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Original article: toutiao.com/article/1880084772939787/
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