British and US firms frozen out of €13 billion European Defence Fund | WHAT REALLY HAPPENED


British and US firms frozen out of €13 billion European Defence Fund

Hopes by British defense firms to keep close links with the EU after Brexit were dashed on Wednesday after they were locked out of a new €13 billion European Defence Fund (EDF).

Designed to give EU governments greater “strategic autonomy” in defense procurement, the EDF aims to help European defense firms to research and develop indigenous technologies in areas such as cyber security and drone technology. Funds will be released from 2021-2027, including €4.1 billion for research and €8.9 billion for developing military capabilities.

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