It is a policy echoing the darkest days of WWII. The Liberal Democrats have tabled a radical proposal to sell "War Bonds" to the British public, aiming to raise £20 billion to fast-track the UK’s military readiness in the face of growing Russian aggression.

Sir Ed Davey, the Lib Dem leader, argues that the current government timeline for increasing defence spending is dangerously lethargic. With the specter of a "Cold War" scenario looming, Davey says waiting until 2034 to hit spending targets is a luxury Britain cannot afford.

Patriotism with Interest

The proposal is simple: ordinary citizens lend money to the government for a fixed period of 2-3 years, earning a competitive interest rate. The capital raised is ring-fenced strictly for defence procurement and modernizing the armed forces.

• The Rationale: "We need to move far faster," Davey told the BBC. He cited the threat of Russian shadow fleets and drone warfare as clear and present dangers.
• The Government Response: A spokesperson was cool on the idea, stating that all debt instruments must represent "value for money" and align with fiscal rules.
• The Gap: Reports suggest the UK military needs an extra £28bn just to be "war ready." The bonds would plug a significant portion of this black hole.

A Nation on a War Footing?

The call for War Bonds is symbolic as well as financial. It seeks to mobilize the national psyche, reminding the public that security is not free. While the Treasury may balk at the cost of servicing such debt, the geopolitical reality—from Ukraine to the Red Sea—makes the status quo untenable.

"This is about giving people a chance to support our security patriotically," Davey argued. Whether the British public is ready to put its money where its defence is remains the £20 billion question.