UK to ‘war-game’ how frontline British troops could be equipped with weapons amid supply chain disruption
The UK will “war-game” how British troops could be sustained on the frontline in the event of intense fighting and supply chain disruption.
In the first defence industrial strategy since Russia invaded Ukraine in 2022, the government will set out measures to strengthen national security amid increasing global threats and instability.
It comes after Defence Secretary John Healey told a Politico podcast the armed forces were not ready to fight after being hollowed out during 14 years of Conservative rule – before himself announcing warships, military helicopters and drones would be scrapped to save money.
The head of the UK armed forces, Admiral Sir Tony Radakin, however, has insisted the country is ready to fight a war at scale.
Mr Healey will outline the new approach, which aims to show enemies the UK has an industrial base that can innovate at a wartime pace, at a conference in London on Monday.
A “war game” will explore how the UK defence industry and the Ministry of Defence can develop a faster and more resilient supply chain.
UK firms will be prioritised to receive taxpayers’ money as part of the strategy Mr Healey will tell investors can help provide “the foundation for a decade of national renewal”.
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Is the UK prepared for war?
“Our defence sector should be an engine for jobs and growth, strengthening our security and economy,” he said.
“That requires a defence industry that is better and more integrated – one that can keep our armed forces equipped, innovating at a wartime pace, and ahead of our adversaries.”
Investors and trade unions will be among those invited to offer views on the sector, with a pledge to increase jobs in in “every nation and region of the UK”.
The strategy is expected to be published in the first half of 2025, with consultation open until the end of February, with the last version published in 2021.
“We will mobilise the private sector to help face down global threats, direct more public investment to British businesses and create jobs and growth in every nation and region of the UK,” Mr Healey said.
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From 2023: What aid has UK provided to Ukraine?
“National security is the foundation for national stability and growth. We are sending a signal to the market and to our adversaries: with a strong UK defence sector we will make Britain secure at home and strong abroad.”
It comes after the UK has provided millions of pounds worth of weapons in the form of military aid to Ukraine, for its fight against Russia.
Among the weapons that have been provided are storm shadow missiles, part of a pledge to provide £3bn worth of military assistance annually to Ukraine – though this covers everything from training and transportation to weapons.
Meanwhile, last week, head of MI6 Sir Richard Moore warned his agency was aware of a “staggeringly reckless campaign of Russian sabotage in Europe” and he’d “never seen the world in a more dangerous state” due to the risk that Russia would succeed in its conflict with its neighbour.
A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.
The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.
Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.
Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.
The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
Related: Fed’s Powell reasserts support for stablecoin legislation
Senate prepares to vote on stablecoin bill
The Senate is expected to begin floor consideration of the bill in the coming days, with the first vote potentially taking place next week.
The bill has been championed by the crypto industry as a landmark step toward regulatory clarity. However, the Democrats’ about-face reflects growing unease within the party.
Although revisions were made to the bill after its committee approval to address Democratic concerns, the lawmakers said the changes fell short. They called for stronger safeguards related to Anti-Money Laundering, national security, foreign issuers, and accountability measures for noncompliant actors.
The statement was also signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper and Adam Schiff.
Senator Kirsten Gillibrand and Senator Angela Alsobrooks were absent from the list, who co-sponsored the bill alongside Hagerty.
Despite their objections, the Democratic senators emphasized their commitment to shaping responsible crypto regulation. They reportedly said they “are eager to continue working with our colleagues to address these issues.”
Related: US banks are ‘free to begin supporting Bitcoin’
Crypto needs a stablecoin bill
On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.
Long explained that while the Fed recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.
The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.
However, Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.
Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Bitcoiners and United States government officials have criticized Arizona Governor Katie Hobbs’s decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves.
“This will age poorly,” Casa co-founder and cypherpunk Jameson Lopp said in a May 3 X post. Bitcoin (BTC) entrepreneur Anthony Pompliano said, “Imagine the ignorance of a politician to believe they can make investment decisions.”
Call for government officials who understand Bitcoin is “the future”
“If she can’t outperform Bitcoin, she must buy it,” Pompliano said. Crypto lawyer Andrew Gordon said, “We need more elected officials who understand that Bitcoin and crypto are the future.”
Wendy Rogers, who co-sponsored the bill with State Representative Jeff Weninger, also voiced her disappointment.
“Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin,” Rogers said.
On May 2, Hobbs vetoed the Arizona Strategic Bitcoin Reserve Act, which would have permitted Arizona to invest seized funds into Bitcoin and create a reserve managed by state officials. “Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” Hobbs said.
Rogers said she would refile the bill during her next session. Rogers also pointed out that Arizona’s state retirement system already holds stocks of Michael Saylor’s Strategy (MSTR).
“Which is basically a leveraged Bitcoin ETF. Arizona’s Strategic Bitcoin Reserve bill will be back. HODL,” Rogers said. The stock price of Strategy rose 32% in April, the most significant monthly gain since November 2024.
Related: US gov’t actions give clue about upcoming crypto regulation
However, well-known crypto skeptic Peter Schiff sided with Hobbs. “The government should not be making decisions to use public funds to speculate in cryptocurrencies,” Schiff said.
Arizona would have become the first US state to establish a Bitcoin Strategic Reserve if it had passed.
Arizona joins several other US states where similar efforts have failed. Similar proposals in Oklahoma, Montana, South Dakota and Wyoming have stalled or been withdrawn recently.
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