# Joint statement from HM Treasury and Department of Finance Canada

Date: 25 Oct 2026
Released by: HM Treasury

## MediaRelease.co Summary

HM Treasury and Canada's Department of Finance issued a joint statement reaffirming their commitment to strengthening defence financing and making defence spending more efficient. After examining how the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank can advance shared objectives, the two governments agreed to develop them as two distinct but complementary institutions under a framework of cooperation. The institutions are meant to support each other on industrial priorities, investment opportunities and strategic financing challenges.

## Original release

The United Kingdom and Canada reiterate our commitment to strengthening defence financing and improving the efficiency of spending to transform our collective defence capabilities. We have been working closely to consider how the Multilateral Defence Mechanism and Defence, Security and Resilience Bank can best advance our shared objectives. We have agreed to develop a framework of cooperation that works in the interest of both institutions, having mutually concluded that, it is best to develop two distinct but complementary institutions that work in partnership. As they are operationalised, the two institutions will be designed to work in close partnership, so that they can support each other on emerging industrial priorities, investment opportunities and strategic financing challenges. Together, they will provide complementary tools to strengthen the defence industrial base and enhance collective defence readiness.

## Key details

- Author/spokesperson: HM Treasury
- Published: 25 Oct 2026
- Publisher country: United Kingdom

Original source: https://www.gov.uk/government/news/joint-statement-from-hm-treasury-and-department-of-finance-canada
MediaRelease.co canonical URL: https://mediarelease.co/uk/mr02298-joint-statement-from-hm-treasury-and-department-of-finance-25102026.html