Economics
UK Explores Joining €1.5 Billion EU Fund to Boost Defense Sector
- Reeves tells European counterpart UK open to joining effort
- EU plan would fund equipment with 35% of non-EU components
The UK is considering participating in a €1.5 billion ($1.6 billion) fund being set up by the European Union to bolster the regional defense industry, people familiar with the matter said.
Chancellor of the Exchequer Rachel Reeves on Monday told her EU counterpart, Piotr Serafin, that the UK is open to joining the European Defence Investment Program, according to the people, who asked not to be named discussing private conversations. That would be part of broader efforts to enhance cooperation with the bloc on defense and procurement, they said.