If defence is a priority, government must be honest about who pays

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Two Ukrainian soldiers check the scopes of their anti-aircraft systems to ensure they're working properly before heading out on a mission in Donetsk Oblast, Ukraine (Photo by Fermin Torrano/Anadolu ...

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But defence ambitions must be reconciled with balance sheets already stretched to their limits, says Helen ThomasThe largest build-up of American military assets in the Middle East for two decades alongside last week’s Munich Security Conference have refocused minds on hard power. The era of cheap security guarantees is over but the threat to global peace is not.US Secretary of State Marco Rubio used the Munich stage to deliver a blunt message: “global institutions… must be reformed”. The UN, he argued, “was powerless to constrain the nuclear program of radical Shia clerics in Tehran. That required 14 bombs dropped with precision from American B-2 bombers.” Washington wants a “reinvigorated alliance” with Europe to counte","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ITA":"iShares Dow Jones U.S. Aerospace","BK4588":"碎股","BK4585":"ETF&股票定投概念"},"translate_title":null,"themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ITA":1.5},"content_text":"Two Ukrainian soldiers check the scopes of their anti-aircraft systems to ensure they're working properly before heading out on a mission in Donetsk Oblast, Ukraine  (Photo by Fermin Torrano/Anadolu via Getty Images) America has made clear that Europe must stand on its own two feet when it comes to national security. But defence ambitions must be reconciled with balance sheets already stretched to their limits, says Helen ThomasThe largest build-up of American military assets in the Middle East for two decades alongside last week’s Munich Security Conference have refocused minds on hard power. The era of cheap security guarantees is over but the threat to global peace is not.US Secretary of State Marco Rubio used the Munich stage to deliver a blunt message: “global institutions… must be reformed”. The UN, he argued, “was powerless to constrain the nuclear program of radical Shia clerics in Tehran. That required 14 bombs dropped with precision from American B-2 bombers.” Washington wants a “reinvigorated alliance” with Europe to counter global threats. The implication was clear: Europe must shoulder more of the burden.The problem is not political rhetoric. It is arithmetic.\n\nWestern governments are emerging from the pandemic with historically high debt burdens. Emergency spending packages, furlough schemes and energy subsidies were financed at ultra-low interest rates that no longer exist. Now borrowing costs are structurally higher, growth is anaemic and fiscal headroom is thin. Defence ambitions must be reconciled with balance sheets already stretched to their limits.\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe UK faces this tension in particularly stark form. Senior military figures have stepped up pressure on the government to move faster and go further. According to reports in the Sunday Times, top Nato officials have warned the ministry of defence that the UK “risks being relegated to the bottom tier of the Nato league tables”.The comparison with Poland is uncomfortable. Warsaw has doubled the proportion of GDP it spends on defence in four years. Britain, by contrast, has slipped from being Nato’s third-largest spender to 12th over the same period.This slide comes despite Sir Keir Starmer signing up to last year’s Nato summit headline ambition of spending five per cent of GDP annually on defence. Yet even that figure conceals nuance. The five per cent is split between 3.5 per cent for “core defence” and 1.5 per cent for a broader shopping list: protecting critical infrastructure, defending networks, civil preparedness, innovation and strengthening the defence industrial base.\n\nThere is an obvious temptation for sleight of hand. Governments can reclassify existing spending under the softer 1.5 per cent heading. Cybersecurity, infrastructure resilience and industrial subsidies may be strategically important but they are not the same as tanks, ships and trained personnel. The political optics of hitting five per cent may prove easier than the fiscal reality of funding it.Across the Channel, the eurozone has already deployed one workaround. The “national escape clause” in the Stability and Growth Pact has been activated, allowing countries to increase defence spending without it counting towards the deficit limits that normally constrain fiscal policy. In effect, defence has been partially ring-fenced from Brussels’ budgetary rulebook.More innovative still is SAFE, the Security Action for Europe. This is a €150bn loan facility through which the EU will raise funds on capital markets and lend them to member states for defence investment and joint procurement. By pooling borrowing at the European level, governments hope to secure cheaper financing and encourage coordinated spending.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}