Labour exploring plans to launch 'defence bank' to rearm against Russia

GB News - News

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Ministers are examining proposals for a British-led financial institution designed to bolster the military capabilities of northern European partners in response to the threat posed by Vladimir Putin.The initiative, dubbed the "JEF bank" after the Joint Expeditionary Force alliance, would allow 10 Nato member states from the region to secure funding for security initiatives at reduced borrowing costs.Officials are considering basing the scheme on a comparable European Union programme worth €150billion, equivalent to approximately £130billion, which provides loans to member countries for weapons procurement.Discussions remain at an early stage, according to sources familiar with the negotiations.

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