Britain Considers Joining Canada-Led Defence Bank Before Liverpool Meeting

Britain is in talks with Canada about joining the Canadian-led Defence, Security and Resilience Bank.

Prime Minister Mark Carney is in Britain this week. He will meet British Prime Minister Andy Burnham on Wednesday in Liverpool. It will be their first meeting as prime ministers.

The two leaders plan to discuss defence and security and energy. They will also attend an Everton Football Club match together in Liverpool. Both men support Everton. The Globe and Mail

The bank, known as the DSRB, would provide long-term, low-cost loans for defence projects in member countries. It would work much like a credit union, where members get access to cheaper borrowing. Besides Canada, the members are Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine. Canada will host the bank after negotiations among the founding countries in Montreal. Ottawa had hoped to announce 10 founding partners.

Finance Minister François-Philippe Champagne will discuss the bank in London this week with John Healey, the Chancellor of the Exchequer — Britain's finance minister. Healey is reported to be more favourable to joining than Ms. Reeves was. Germany is also in talks about membership.

A second, separate plan is also in development. Britain, the Netherlands, Finland and Poland are setting up the Multilateral Defence Mechanism. It would pool money so countries can buy weapons together and increase defence spending faster.

Carney and Burnham discussed both plans in a call on July 22, 2026. A British government readout says they agreed to step up work between the two countries on the bank and the mechanism. U.K. Government Blair said he expects they will discuss the DSRB during this week's visit. He also said they already know each other and there is great respect between them. CBC

The visit follows recent defence and foreign policy moves in both capitals. On July 16, 2026, Carney announced new measures to strengthen Canada's defence capabilities in London, Ont. Wes Streeting serves as defence minister under Burnham. On Sept. 9, 2026, Burnham said Britain must 'stand against injustice' over West Bank settlements.

The broader context here is about design, not only membership. Ottawa is pressing for a Canada-hosted bank built around long-term loans from governments for national projects. London has already agreed in principle to a smaller joint-buying fund with three European partners. For officials in Ottawa, the provinces and industry, the practical questions are what funding structure and loan terms Britain would accept, how DSRB loans would fit with domestic procurement rules, and whether London sees the two plans as complementary or as alternatives. The Champagne-Healey discussion will show how far the political direction from the July call has moved into finance department detail.

Looking at what this means for Carney, the Liverpool setting helps set the tone. A first meeting built around a shared club gives both leaders room to test alignment on defence funding, energy co-operation and wider security. The test on Wednesday is whether they announce clear next steps on the DSRB, or state only that talks continue.