Defence secretary John Healey and Dame Julia Hoggett closed the London Stock Exchange. (Credit: Ministry of Defence)

Tom Tugendhat has backed a report calling for greater involvement from the financial services sector to boost defence spending in the UK.

The MP for Tonbridge, who served as security minister from September 2022 to July 2024, said the City of London has a “vital role to play” in the country’s national resilience.

“From Taiwan to Alaska, the return of state-based threats and instability has reawaken an era of competition. Nowhere is this more fierce than in technology,” Tugendhat said.

“The age of incremental investment has to give way to a generation of innovation. Defence industry, and capital markets, are key.

“The shift in technology – in areas like AI, quantum, cybe

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