The UK Defence Secretary's dramatic resignation has sent shockwaves through Whitehall, exposing the deep-seated crisis of military spending across Europe. John Healey's parting shot warns that the nation is woefully unprepared to defend itself against the looming threat of a Russian attack by 2030.
Healey's resignation letter is a scathing indictment of the government's refusal to increase defence spending, highlighting the stark contradiction between its words and actions. As co-leader of the coalition of the willing providing security guarantees for Ukraine and defending freedom of navigation in Hormuz, Britain's reputation as a reliable ally hangs in the balance.
The UK is not alone in struggling to reconcile defence needs with economic uncertainty. European leaders acknowledge the rising risk of conflict on the continent, yet west European governments – including France, Italy, and the UK itself – are reluctant to invest in defence for fear of unsettling financial markets and exacerbating national debt.
A possible escape from this dilemma lies in joint borrowing for defence among willing Nato allies, creating a euro-denominated safe asset known as eurobonds. Although still taboo in Germany, this idea could be justified by the exceptional nature of Russia's aggressive behaviour, potentially offering a way out of the current conundrum.