Former PM says ‘exceptional’ aim to spend 5% of GDP should be a joint Nato and European initiative financed via bonds or a defence fund

This is what Gordon Brown said in his Today programme interview when asked to give more details of his plan to exempt from extra defence spending from the fiscal rules. He said other European countries were already looking at this, and that having a European-wide initiative would persuade the bond markets that in this case the rise in borrowing was justified. He said:

If you look around Europe at the moment, you’ll see that the Germans are looking at what they can do outside the fiscal rules. The European stability and growth pact is exempting a lot of defence money from the normal fiscal rules. The French are looking at other ways of doing it. The Polish have already done that.

What I’m actually asking for is a European-wide initiative where individual countries will come together and say, Look, we all have to do this. We all have to find, let’s say, an extra 1%, because 5% of course is building on some of what’s already been spent.