UK floats plan for joint European fund to ‘stockpile’ weapons

Archive: https://archive.is/2025.04.02-134322/https://www.ft.com/content/93d7168b-75a3-41e3-ba5a-4f378b93a709

The UK has circulated plans for European countries to establish a “supranational institution” that jointly purchases military equipment, stockpiles weapons and helps to finance large-scale rearmament across the continent. 

The informal paper, written by UK officials and seen by the Financial Times, presents the case for a multilateral fund for a “coalition of the willing” that would borrow on markets at favourable rates and support defence spending. 

Backed with equity and sovereign guarantees, the fund would both lend money for defence projects and actually acquire military assets, creating common “stockpiles” of equipment for participating nations.

Drawn up by UK Treasury officials, the so-called “non-paper” was circulated last week with key European capitals for discussion but stated that it does not represent the official policy of the British government. “We don’t comment on leaks,” said a UK government spokesperson. 

While not specifying the intended size of the fund, the paper says the measures could help to close a defence financing gap in Europe that is estimated to be “hundreds of billions of euros”.