UPDATE 1-Britain's Starmer set to call for multinational defence initiative, FT says

British Prime ​Minister Kier Starmer is set ​to make the case ‌for ​Britain and its Western allies to launch a multinational defence initiative that could oversee joint ‌weapons procurement and cut rearmament costs, the Financial Times said on Friday.

Starmer is expected to raise the idea at this weekend's Munich Security Conference, ‌the newspaper added, citing British government officials. He is also set to ‌call for closer cooperation in defence with allies in a speech on Saturday, as well as in private discussions with other leaders at the three-day event, ⁠it ​added.

Britain's cabinet ⁠office did not immediately respond to a Reuters request for comment. Earlier this month, Starmer ⁠said his government would consider applying to join a second possible multi-billion-euro European ​Union fund for defence projects.

The European Commission is considering launching ⁠a second edition of its SAFE loans scheme as Europe seeks to bolster ⁠its defences ​due to growing fears of Russia and doubts about U.S. security commitments to Europe under President Donald Trump. A British ⁠plan to join the original 150 billion-euro ($177 billion) SAFE fund broke down in ⁠November after ⁠Starmer's government refused to pay a financial contribution to join, in a setback for a post-Brexit reset ‌of relations.