Question to the Ministry of Defence:

To ask the Secretary of State for Defence, with reference to page 23 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, what progress he has made on determining which banks will form part of the defence industrial base.

Banks and other financial services companies, whose capital and expertise we need to invest and grow the defence sector, are being engaged in the development of the Defence Finance and Investment Strategy through the Defence Investors Advisory Group.

This engagement informs both Government, industry and the investor community on what types of opportunity are appropriate, and how barriers to investment in defence can be removed while making the sector more attractive for private investment. This includes venture capital, private equity, banks and pension funds. This will deliver growth and strengthen the UK defence industrial base. The Defence Finance and Investment Strategy will set this out and is due to be published in early 2026.