UK set for talks over access to EU defence loans
Summary
The UK and the EU are in talks to allow British companies to join EU-funded military projects. These projects get funding from EU defence loans the EU plans to distribute. The discussions focus on how much British firms can participate and the fees involved.Key Facts
- The EU plans to give loans to help countries buy weapons together.
- The UK wants a deal soon so its companies can join EU-funded projects.
- An entry fee for the UK and limits on British firms' participation are part of the discussions.
- The EU will borrow up to €150 billion to offer loans supporting multi-country projects.
- The planned loans aim to reduce borrowing costs for EU countries with weaker credit ratings.
- UK-based companies are currently limited to contributing 35% to any project's completion.
- Talks will also consider UK contributions and intellectual property concerns.
- By the end of November, the UK hopes to participate in the first round of bids.
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