Lib Dems call on Labour leadership contenders to back £20bn defence bonds boost

EMBARGO: Immediate Release

Lib Dems call on Labour leadership contenders to back £20bn defence bonds boost

The Liberal Democrats have today written to Labour leadership contenders, Andy Burnham, Wes Streeting, Angela Rayner and Al Carns to commit to implementing the Liberal Democrat proposal for defence bonds should they become Prime Minister.

This follows reports that funding for the Defence Investment Plan has been slashed to just £13.5 billion, a sum which would not even cover half of the £28 billion black hole that exists for current and future defence spending.

Last week, the Defence Secretary John Healey and Armed Forces Minister Al Carns both resigned over the proposed funding allocation, laying bare the dysfunction at the heart of the Government’s approach to defence.

The Liberal Democrats have proposed Defence Bonds as a way to immediately inject £20 billion into capital spending on defence capabilities. This would support the rapid regeneration of Britain’s military - following years of cuts by the Conservatives - and could also deliver growth benefits, particularly through investment in R&D.

Liberal Democrat Leader Ed Davey, together with the party’s Foreign and Defence spokespeople - and five of the party’s former service personnel MPs - have sent the letters.

Liberal Democrat Defence Spokesperson, James MacCleary MP said:

“The chaos at the heart of the Government’s approach to national security has been completely exposed. Slashing funding for the Defence Investment Plan to just £13.5 billion is a dangerous gamble that would leave our service personnel, our national security and our country exposed.

"Andy Burnham, Wes Streeting, Angela Rayner, and Al Carns are all pitch-rolling to lead their party and potentially the country, but they cannot ignore the elephant in the room. If they want the keys to Downing Street, they must prove they take our national security seriously.

"The Liberal Democrats have put forward a clear, immediate solution. Our £20 billion Defence Bonds would provide an urgent cash injection, allowing us to rapidly rebuild a military that was undercut by years of Conservative negligence. We are calling on all the leadership candidates to step up, back our plan, and protect our nation.”

ENDS