July 16, 2024

UK announces new guarantee fund – EURACTIV.de

UK announces new guarantee fund – EURACTIV.de

Almost £1 billion will be allocated to Britain’s Consolidated Defense Fund, a new defense fund to be used for domestic security and to deal with global sources of instability, Prime Minister Rishi Sunak announced on Monday.

The fund, also known as UKISF, aims to help “keep the UK safe” and tackle global sources of “transition and uncertainty”. It will replace existing conflict, stability and security financing and financing programs at home and abroad.

It aims to address some of the most complex national security challenges facing the UK and its allies.

Foreign Secretary James wisely said the funding would help the UK deliver on key priorities “from boosting security in fragile states to tackling cyber threats and holding human rights abusers accountable”.

The fund is also expected to support the work of a new economic deterrence initiative that tackles circumvention of trade, transport and financial barriers.

Around £50m will be available to improve the UK’s enforcement of sanctions and prepare the government to respond to potential hostile action.

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