[Tubby Isaacs]

The "fantasy maths" here is £4.7bn over 4 years, which is covered (as things stand) by fiscal headroom.

[Youngian]

What's the difference a Defence Bond and other government IOUs?

They could print more money to pay for tanks. And call it injecting national security liquidity into the money supply.

[Tubby Isaacs]

These are patriotic bonds which won't be used to pay for Vicky Pollard's kids, or something.

Even if you can get a slightly lower rate from regular bonds, it's still debt and that may not pass unnoticed by the people who buy the big majority of bonds.