HM Treasury published a joint statement with Canada’s Department of Finance on 25 October 2026 on defence financing. It said the sides had agreed “to develop a framework of cooperation that works in the interest of both institutions”. According to the statement, the institutions are the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank. The statement said “it is best to develop two distinct but complementary institutions that work in partnership”. It said the institutions “will be designed to work in close partnership” as they are operationalised.

Sources: HM Treasury (issuing department) – “Joint statement from HM Treasury and Department of Finance Canada” – GOV.UK, UK government website operated by the Government Digital Service – 25 October 2026 – https://www.gov.uk/government/news/joint-statement-from-hm-treasury-and-department-of-finance-canada

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