UK Snubs Global Defence Bank Proposal
The UK government has decided not to support plans for the proposed Defence, Security and Resilience Bank (DSRB), marking a setback for the initiative aimed at creating a global state-backed lender. The decision precedes a multinational meeting in London to discuss the bank's potential funding and future.
In a significant move, Britain's government announced it will not endorse proposals for a multilateral Defence, Security and Resilience Bank (DSRB), challenging plans to establish a global state-backed lender. The initiative had garnered attention from former NATO advisers and British ex-military personnel, seeking to bolster nations' defence capabilities.
This is the first formal response since detailed plans for the DSRB were made public last year. Britain's Treasury has explicitly stated that these proposals are not supported by the UK government, and the current representatives are not acting on behalf of the government or its ministers.
The announcement emerges ahead of a scheduled Monday meeting in London, where 41 countries, including Germany, Japan, and the United States, have been invited to deliberate on funding the prospective bank. However, details about the attendees remain undisclosed.
(With inputs from agencies.)
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