UK, Finland, Netherlands consider joint defence financing, procurement

LONDON, March 17 (Reuters) – Britain, Finland and the Netherlands are looking at teaming up to jointly finance and procure weapons, munitions and military equipment, given the increasing threat level across the world, with war in Ukraine and in the Middle East.

The three countries said that together with other unnamed partners they were exploring setting up a new mechanism by 2027 which would speed up investment and boost demand for defence kit, a statement from Britain said on Tuesday.

The plans come as British Prime Minister Keir Starmer and Ukrainian President Volodymyr Zelenskiy are due to meet in London later on Tuesday, with NATO Secretary General Mark Rutte expected to join.

The mechanism under consideration by the three countries would complement existing NATO and EU initiatives.

“By joining forces, we get more security with the same resources and we strengthen our alliances as well,” Dutch Finance Minister Eelco Heinen said in the statement.

British finance minister Rachel Reeves said the country needed to deepen cooperation with its allies and strengthen its defence industry.

She is due to say later on Tuesday that she wants deeper ties with the EU, and had said last month that cooperation with European countries on defence could improve value for money in areas such as interoperability and procurement.

(Reporting by Sarah Young, Editing by Paul Sandle and Kate Holton)