British Prime Minister Keir 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 defence co-operation with allies in a speech on Saturday, as well as in ⁠private discussions with other leaders at the three-day event.

A Downing Street ⁠spokesperson pointed to a statement issued on Thursday saying Starmer would meet European leaders in ⁠Munich on Friday afternoon, ‌including German Chancellor Friedrich Merz and French President Emmanuel Macron.

Starmer would deliver a speech on ‌Saturday outlining his vision for the future of European defence and security, that statement ⁠added.

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 Security Action for Europe (SAFE) loans scheme as Europe seeks ⁠to ‌bolster its defences due to growing fears of ‌Russia and doubts about US security commitments to Europe under President Donald Trump.

A British plan ‌to join the original 150 billion-euro 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. (Reuters)