Britain to forgo joining Canada's defence bank, source says

The two governments stated they had agreed to establish two distinct but complementary institutions to support each other on investment opportunities and strategic challenges. Key issues such as the location of the new bank's headquarters, the level of joint procurement, lending to members, and rules for future members could not be agreed upon, according to another source.

The MDM will concentrate on accelerating defence investment and joint procurement through financing, aiming to reduce costs by consolidating demand across NATO allies. The DSRB will complement this by supporting investment in defence industries and supply chains, with a focus on single sovereign lending. The DSRB has faced challenges securing support from larger European nations, and Britain had previously distanced itself from the project.