𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Kemi Badenoch has launched a fierce assault on Energy Secretary Ed Miliband, vowing to redirect billions from his “vanity Net Zero projects” to a £50billion Sovereign Defence Fund designed to strengthen Britain’s armed forces and deter Russian President Vladimir Putin. Tory leader Ms Badenoch unveiled the plan on Thursday, declaring: “The next Conservative Government will move funding from Ed Miliband’s vanity Net Zero projects and use it to back our military to accelerate their war readiness.”

She continued: “We must ensure our armed forces are equipped and ready to defend our country. Because defence of the realm must be the first priority of any Government. In the face of growing threats, we should be investing more in defence, yet all we see from this Labour Government is heel-dragging and vague promises.”

The fund would repurpose £11 billion from the National Wealth Fund – which is currently largely allocated to clean energy schemes – by rebranding it the National Defence and Resilience Bank. A further £6 billion would shift from R&D budgets, with private investment mobilising the remaining capital to reach the £50 billion total.

Shadow Defence Secretary James Cartlidge said: “When we say we back our armed forces – we mean it. With a value of up to £50billion, our Sovereign Defence Fund will accelerate the UK’s war readiness.

The SDF would deliver the drone revolution our armed forces require; galvanise private finance into Defence at an unprecedented scale; and transform the resilience of our Defence industrial base – removing Chinese dependencies and protecting critical supply chains.

“Ultimately, the SDF would deliver a more lethal UK armed forces, whilst supporting innovation and economic growth – making Britain safer and more prosperous.”

Shadow Chancellor Sir Mel Stride said: “As threats increase around the world, it is vital that we invest in our defence capabilities. Galvanising private sector investment in our defence sector and new technology can bring huge benefits to our economy as well as to our national security.

“Labour are prioritising net zero projects instead of our national defence.The Conservatives would channel investment into our long-term security and seize the growing export opportunities for UK industries.”

The Tories accused Labour of slow progress on defence amid escalating Russian threats, citing military warnings. Mr Miliband has countered that net zero bolsters energy security against figures like Putin.

In a keynote speech at the Energy UK conference on September 17, 2024, he said: “The worst cost of living crisis in a generation [was] driven by the unprecedented energy shock that followed Putin’s invasion of Ukraine. The lesson… is that we must build a new era of greater energy independence on the foundation of clean energy.”

At the Future of Energy Security summit on April 24, 2025, Mr Miliband added: “In an unstable and uncertain world, there can be no national or international security without energy security. As long as energy can be weaponised against us, our countries and our citizens are vulnerable.”

In response to criticism over the steel crisis on April 19, 2025, he has also argued: “There can be no national security without energy security, and dependence on fossil fuels has left us at the mercy of global markets we do not control.”

The Government maintains its commitment to raising defence spending to 2.5% of GDP by 2027, with higher goals ahead, while advancing net zero.

No immediate direct Labour response to the proposal was issued, but the announcement sharpens divisions over balancing the green transition and military priorities in a tense geopolitical climate.