John Healey is in talks with the Canadian government about joining a new global defence bank intended to help allies rearm to counter mounting security threats, just weeks after Rachel Reeves rejected the move.
The chancellor is understood to be actively considering a bid to join the proposed Canada-led defence, security and resilience bank (DSRB), which proponents say could help the UK fund defence projects at lower cost, before planned talks with his Canadian counterpart this week.
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