The EU is poised to spend up to €800billion (£660billion) on defence thanks to a new major continental funding drive, European Commission chief Ursula von der Leyen has vowed. On Tuesday, Von der Leyen proposed a borrowing drive worth €150billion to lend to EU Governments - which,

The Commission president has presented an ambitious action plan distributed in five points, combining a "significant" increase in national spending, totaling 600 billion, with 150 billion in EU loans.

As per Euro News, Von der Leyen outlined five measures in a letter to EU leaders ahead of the summit on Thursday. This includes a new instrument to provide 150 billion Euros in loans to member states to finance joint defence investments in pan-European capabilities,