Proposed €150bn EU defence funding scheme to exclude Turkiye, US, UK

The European Union is set to benefit from a new €150 billion ($167 billion) defence funding proposal in an attempt to boost the continent’s rearmament against a Russian threat, but will exclude third countries including the United States, United Kingdom and Turkiye from the scheme. According to the Financial Times, a European Commission proposal put forward on Wednesday showed that the funding for weapons would only be accessible to defence companies within EU member states, as well as to those in third countries that have already signed defence agreements with the bloc. The proposal is yet to be approved by the majority of EU states, but if passed, the scheme would reportedly require at least 65 per cent of the […]