Commons Sense

House of Commons · Ministers' Questions

Defence Bonds

Monday 1 June 2026 · 4 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 4 Not answered 0

Key points

  • Victoria Collins questioned the government about the support for defence bonds across the political spectrum.
  • The government responded that defence spending would reach 2.6% of GDP next year, surpassing previous expectations.
  • Tan Dhesi inquired about the examination of various defence financing options, including the proposal for a defence, security and resilience bank.

Topics (select to filter)

Questions & Answers

Q1 Victoria Collins Lib Dem Harpenden and Berkhamsted
Defence
Context

The MP is concerned about the UK's defence capabilities amid global instability. She references a constituent who supports issuing defence bonds to boost security funding.

Question

My constituent Fraser says, 'At a time when the world is increasingly dark and uncertain, and when the UK's defence capability is well below the level required,' defence bonds are surely one which would gain support across the political spectrum. With all of us in the United Kingdom paying the price every time we check out or pay a bill, the Liberal Democrat calls to issue £20 billion of defence bonds would mean an injection of funding in our security, but also in our economy, so what are the Government waiting for?

Answer from John Healey

I remember that for at least six months after the election, the hon. Lady and her party were urging us to raise defence spending to 2.5% of GDP by 2030. We have done better than that—we are hitting 2.6% next year, three years before anyone expected, including her party.

Partly answered

Not addressed: The government's reluctance or plans regarding issuing defence bonds

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Q2 Wendy Chamberlain Lib Dem North East Fife
Ukraine Defence Business & Trade
Context

The MP is concerned about the UK's ability to participate in EU defence loan schemes and secure military equipment for Ukraine.

Question

Building our military capability is vital in this world of increasing instability, where Putin continues to wage war in Europe—and Trump rips up the alliances that once kept us safe. Investment in deterrence is far better than fighting a war unprepared. Getting UK businesses access to the Security Action for Europe programme is vital, so will the Secretary of State confirm whether talks have restarted with the EU in that regard, and if so, what progress has been made?

Answer from John Healey

As I mentioned in a previous answer, we are indeed looking to participate in, and be able to take advantage of, the European Union's loan scheme for Ukraine. That is a way in which we could accelerate getting good kit into the hands of the Ukrainians and ensure that British-made kit and British firms can make a big contribution to that.

Partly answered

Not addressed: Details on progress or timeline of talks with EU about participating in Security Action for Europe programme

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Q3 Victoria Collins Lib Dem Harpenden and Berkhamsted
Defence Economy
Context

The MP is concerned about the UK's defence capability amid global instability, referencing a constituent who supports issuing defence bonds.

Question

My constituent Fraser puts it best when he says, 'At a time when the world is increasingly dark and uncertain, and when the UK's defence capability is well below the level required,' defence bonds are surely one which would gain support across the political spectrum. With all of us in the United Kingdom paying the price every time we check out or pay a bill, the Liberal Democrat calls to issue £20 billion of defence bonds would mean an injection of funding in our security, but also in our economy, so what are the Government waiting for?

Answer from John Healey

I remember that for at least six months after the election, the hon. Lady and her party were urging us to raise defence spending to 2.5% of GDP by 2030. We have done better than that—we are hitting 2.6% next year, three years before anyone expected, including her party.

Partly answered

Not addressed: The government's reluctance or plans regarding issuing defence bonds

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Q4 Tan Dhesi Lab Slough
Defence
Context

The MP is concerned about the UK's ability to accelerate defence spending amid increased threats and volatility.

Question

Some hon. Members have advocated for defence bonds. The Defence Committee has examined 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.

Answer from 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 cold war is hardly the plodding path he describes. The Prime Minister said in his Munich speech that we must build our hard power, because that is the currency of the age. We know that we must spend more faster.

Partly answered

Not addressed: Specific options and actions for accelerating defence investment beyond general statements

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