The U.K. has begun floating plans to European allies to establish a joint European military fund for the purchase of military equipment and weaponry as a means to rearm Europe, the Financial Times (FT) reported on April 2.
The "non-paper" proposal, which was crafted by U.K. Treasury officials and seen by FT, began circulating among European allies last week with plans to "stockpile" weaponry, as European officials fear Russia may become emboldened to attack another European country by the end of the decade.
European officials have warned that Europe faces critical arms shortages needed for the defense of the continent, as Russia continues to ramp up its arm production. Russia’s military expenditure last year surpassed Europe's spending with Russia dishing out $462 billion, approximately $5 billion more than that of Europe.
A newly established supranational institution would be intended to serve a "coalition of the willing" that could purchase weapons at favourable rates.
“A number of models of supranational institution may support increasing fiscal capacity for defence spending,” the paper read, according to FT. "The institution would be designed to be classified to the rest of the world sector in the national accounts and the equipment purchased by the institution would be recorded on its own balance sheet and not the contributing countries."
The proposal notes countries could more effectively purchase a long list of equipment and weaponry, including spare parts for tanks and aircraft, artillery shells, air defence missiles, explosives, and logistics aircraft.
The size of the fund was not specified in the proposal.
The draft proposal notes that it does not represent official policy of Prime Minister Keir Starmer's government, and a government spokesperson told FT that it did not comment on "leaks."
The U.K. and France have taken a lead in presenting a united European front on military support for Ukraine, proposing a "coalition of the willing" to send peacekeepers to Ukraine, if a ceasefire is reached.
Tim Zadorozhnyy
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