Defence Industrial Strategy

Luke Charters Excerpts

Monday 8th September 2025 Commons Chamber

[Mr Luke Charters (York Outer) (Lab)]

Today’s blockbuster strategy completely rewires many of the institutions at the heart of our defence financing: the National Wealth Fund, the British Business Bank and UK Export Finance. With the news that the Chinese bond market may now be open to Russian defence companies, does my hon. Friend agree that we need to keep innovating and keep evolving how we do defence financing to support our own industrial base?

[Luke Pollard]

First, I thank my hon. Friend for the work he has been doing on how we open up finance to small businesses in particular and how we deal with some of the policies that restrict access to finance for those firms that work in defence. He is absolutely right that internationally we are seeing more of those nations that sometimes oppose our values come together, but we need to make sure we are innovating with our finance and that SMEs have access to capital. That is one reason why we are seeking to create a more predictable pipeline of acquisitions that enables businesses, especially small businesses, to borrow to invest.