Negotiations for the UK to join the EU defence fund appear to have collapsed this afternoon. UK minister for EU relations Nick Thomas-Symonds said the UK and EU negotiators had failed to agree a deal for the UK to join the EU’s Security Action for Europe (SAFE) fund, worth an estimated £130 billion.
Access to SAFE would have given UK defence contractors access to low-interest loans to boost European defence capabilities, and reduce reliance on US military assistance.
Sir Nick Harvey, formed Armed Forces Minister and CEO of European Movement UK, said:
“The UK’s failure to negotiate access to the European defence fund is a major blow to our defence industry. This is a project potentially worth billions to our economy, and something we would automatically have been a part of before Brexit.
“Now our defence contractors and manufacturers face being left outside in the cold while competitors shape the future of European defence capabilities, and reap the benefits of access to the billions in loans for defence work that the scheme would have afforded the UK defence industry.”
This article is based on a media release from European Movement UK.
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