City of London policy chief says UK financial sector can help fund Europe’s defence plans, citing shared challenges and post-Brexit alignment
BRUSSELS: The City of London is prepared to play a significant role in financing Europe’s rearmament efforts, according to the UK financial district’s policy chief.
Chris Hayward, policy chairman at the City of London Corporation, said British banks could contribute to European Union initiatives aimed at raising up to 800 billion euros.
He made the comments while welcoming Britain’s broader push to foster closer ties with the EU post-Brexit.
“Now that we are not going to be able to rely as heavily on the United States to fund NATO, we need to collaborate across Europe much more on financing our defence plans,” Hayward told AFP.
He stated that Britain and the EU face identical challenges, including low economic growth and security threats from an aggressive Russia.
Hayward emphasised the need for the UK to invest more in its European allies to reduce continental dependence on the United States.
The EU has launched several initiatives to help member states bolster their military capabilities.
Beyond defence, Hayward identified sustainability, green finance and start-up development as areas for enhanced UK-EU collaboration.
He cited London’s vast capital markets and status as a global financial centre as key assets for this partnership.
Hayward welcomed British Prime Minister Keir Starmer’s bid to reset relations with the 27-country bloc.
“We’re not suggesting some sort of backdoor entry back into the EU. Absolutely not,” he clarified.
He added that the goal is to strengthen the relationship where alignment already exists.
