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Speaking to reporters in Ottawa on Friday, Prime Minister Mark Carney said that the Defence, Security and Resilience Bank (DSRB), which will be headquartered in Canada, has secured a “critical mass” of international support and that he looks forward to discussing it with whoever replaces the departing Keir Starmer. (The Logic)
Talking point: Carney has lobbied Starmer for months to have the U.K. join the bank, which is intended to act like the World Bank for military spending. Politico reported that while Starmer and Chancellor Rachel Reeves remain reluctant to sign on, allies of Starmer’s likely successor, Andy Burnham, support joining the initiative, which is reportedly expected to launch at next month’s NATO summit in Türkiye. Carney said he has held “constructive discussions” with former U.K. prime minister Gordon Brown about the proposal, but he hasn’t limited his lobbying to conversation. On Wednesday, Carney and Luxembourg Prime Minister Luc Frieden, whose country will be the European headquarters for the DSRB, published an op-ed in the London-based Financial Times arguing that the bank could help NATO countries finance their defence ambitions. (The Financial Times is an investor in The Logic.)
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