To ask the Chancellor of the Exchequer, what estimate she has made of the volume of private capital that could be unlocked through partnerships with venture capital firms in the defence sector.

To ask the Chancellor of the Exchequer, what estimate she has made of the volume of private capital that could be unlocked through partnerships with venture capital firms in the defence sector.

To ask the Chancellor of the Exchequer, with reference to Q13 of the oral evidence given by the Prime Minister to the Liaison Committee on 23 March 2026, HC 1770, if she will set out a funding plan to spend 3% of GDP on defence before the next Parliament.

To ask the Chancellor of the Exchequer, with reference to Q13 of the oral evidence given by the Prime Minister to the Liaison Committee on 23 March 2026, HC 1770, if she will set out a funding plan to spend 3% of GDP on defence before the next Parliament.

Whatever the purpose, spending funded from bonds issued by the Government adds to the national debt and so must be considered within the fiscal rules. But the hon. Gentleman is right to point to the importance of research and development within the defence industry to support economic growth. I am proud that last year we allocated £400 million for UK defence innovation to foster a world-leading UK defence tech sector.

Whatever the purpose, spending funded from bonds issued by the Government adds to the national debt and so must be considered within the fiscal rules. But the hon. Gentleman is right to point to the importance of research and development within the defence industry to support economic growth. I am proud that last year we allocated £400 million for UK defence innovation to foster a world-leading UK defence tech sector.

The Chancellor and the Defence Secretary meet regularly to discuss defence, including the defence industrial strategy. As part of those discussions, they recently met leaders from the UK financial sector to discuss how private investment can also be leveraged to accelerate defence readiness, building on the commitments made in the defence industrial strategy.

The Chancellor and the Defence Secretary meet regularly to discuss defence, including the defence industrial strategy. As part of those discussions, they recently met leaders from the UK financial sector to discuss how private investment can also be leveraged to accelerate defence readiness, building on the commitments made in the defence industrial strategy.

Investment in defence under this Government is under way—just look at the contracts. Over a thousand have been signed since the general election: I point the hon. Gentleman, and anyone else in the Chamber, to the billion-pound contract for medium helicopters in Yeovil, the half-a-billion pounds invested in state-of-the-art radar systems and the £100 million boost to support submarine-hunting aircraft. This Government are raising investment in defence to the highest sustained level since the cold war and it is at the core of ensuring that we are protecting our nation’s security.

Investment in defence under this Government is under way—just look at the contracts. Over a thousand have been signed since the general election: I point the hon. Gentleman, and anyone else in the Chamber, to the billion-pound contract for medium helicopters in Yeovil, the half-a-billion pounds invested in state-of-the-art radar systems and the £100 million boost to support submarine-hunting aircraft. This Government are raising investment in defence to the highest sustained level since the cold war and it is at the core of ensuring that we are protecting our nation’s security.

The UK has already signed up, with Finland and the Netherlands, to the multilateral defence budget, with this Chancellor taking a lead. I know the importance to this Government of security, which is not just something that we can achieve on our own but by working with allies to ensure that we are safer in future. I will add that we on the Government Benches are committed to remaining a core part of NATO, unlike some of the Opposition parties.

The UK has already signed up, with Finland and the Netherlands, to the multilateral defence budget, with this Chancellor taking a lead. I know the importance to this Government of security, which is not just something that we can achieve on our own but by working with allies to ensure that we are safer in future. I will add that we on the Government Benches are committed to remaining a core part of NATO, unlike some of the Opposition parties.

Those on the Opposition Front Bench have some cheek. The hon. Gentleman is sat next to the hon. Member for Central Devon (Sir Mel Stride), who oversaw the biggest increase in welfare spending on record, with a £33 billion increase in welfare spending in the last year of the Conservative Government. This Government are serious about getting people back into work, while increasing defence investment at the same time to 2.6% of GDP by next April—something the previous Government never managed.

Those on the Opposition Front Bench have some cheek. The hon. Gentleman is sat next to the hon. Member for Central Devon (Sir Mel Stride), who oversaw the biggest increase in welfare spending on record, with a £33 billion increase in welfare spending in the last year of the Conservative Government. This Government are serious about getting people back into work, while increasing defence investment at the same time to 2.6% of GDP by next April—something the previous Government never managed.

What discussions she has had with the Secretary of State for Defence on the effectiveness of the Defence Industrial Strategy.

What discussions she has had with the Secretary of State for Defence on the effectiveness of the Defence Industrial Strategy.

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of using defence bonds as a way to finance capital-intensive commitments in the Strategic Defence Review.

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of using defence bonds as a way to finance capital-intensive commitments in the Strategic Defence Review.

To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of issuing retail bonds to support increased defence investment.

To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of issuing retail bonds to support increased defence investment.

To ask the Chancellor of the Exchequer, pursuant to the answer of 26 March 2026 to question 123096 on Defence: Development Aid, how much of the reduction in the development budget will be spent on defence in (a) 2026/27, (b) 2027/28 and (c) 2028/29.

To ask the Chancellor of the Exchequer, pursuant to the answer of 26 March 2026 to question 123096 on Defence: Development Aid, how much of the reduction in the development budget will be spent on defence in (a) 2026/27, (b) 2027/28 and (c) 2028/29.

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, whether the new finance mechanism will be used to stockpile munitions.

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, whether the new finance mechanism will be used to stockpile munitions.

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, whether the new finance mechanism will sit within her Department.

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, whether the new finance mechanism will sit within her Department.

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, what the cost is of creating the new finance mechanism.

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Joint statement from Finland, the Netherlands, and the United Kingdom on joint defence financing and procurement, published on 17 March 2026, what the cost is of creating the new finance mechanism.

To ask the Chancellor of the Exchequer, what measures are in place to ensure value for money in joint defence financing arrangements with Finland and the Netherlands.

To ask the Chancellor of the Exchequer, what measures are in place to ensure value for money in joint defence financing arrangements with Finland and the Netherlands.

To ask the Chancellor of the Exchequer, what assessment she has made of the fiscal implications of joint defence financing arrangements with Finland and the Netherlands.

To ask the Chancellor of the Exchequer, what assessment she has made of the fiscal implications of joint defence financing arrangements with Finland and the Netherlands.

To ask the Chancellor of the Exchequer, with reference to the Secretary of State for Foreign, Commonwealth and Development Affairs' Oral Statement of 19 March 2026 on International Development, Official Report, columns 1042-1045, what proportion of the reduction in the development budget will be spent on defence in (a) 2026/27,...

To ask the Chancellor of the Exchequer, with reference to the Secretary of State for Foreign, Commonwealth and Development Affairs' Oral Statement of 19 March 2026 on International Development, Official Report, columns 1042-1045, what proportion of the reduction in the development budget will be spent on defence in (a) 2026/27,...

To ask the Chancellor of the Exchequer, what estimate her Department has made of the level of economic growth required to support long‑term defence spending commitments.

To ask the Chancellor of the Exchequer, what estimate her Department has made of the level of economic growth required to support long‑term defence spending commitments.

To ask the Chancellor of the Exchequer, with reference to page 92 of the Strategic Defence Review, how many meetings officials from their Department have attended on the national conversation on defence and security; which directorate in their Department is responsible for the departmental contribution to that national conversation; and...

To ask the Chancellor of the Exchequer, with reference to page 92 of the Strategic Defence Review, how many meetings officials from their Department have attended on the national conversation on defence and security; which directorate in their Department is responsible for the departmental contribution to that national conversation; and...

To ask the Chancellor of the Exchequer, with reference to page 92 of the Strategic Defence Review, published on 2 June 2025, how many (a) public engagements and (b) private meetings Ministers in their Department have undertaken related to the national conversation on defence and security.

To ask the Chancellor of the Exchequer, with reference to page 92 of the Strategic Defence Review, published on 2 June 2025, how many (a) public engagements and (b) private meetings Ministers in their Department have undertaken related to the national conversation on defence and security.