Britain will not join Canada-led defense bank initiative

Britain will not join the Canada-led Defence, Security and Resilience Bank, in a setback to efforts to create the world’s first global defense bank, according to a person familiar with the matter. The two countries instead said on Sunday that they would develop a framework for cooperation between their respective defense-funding initiatives, establishing two distinct but complementary institutions to support each other on investment opportunities and strategic challenges. “We have been working closely to consider how the Multilateral Defence Mechanism (MDM) and Defence, Security and…