European leaders talk of war, but I keep getting out of offices
Europe talks a hard game on defence, so why is the ministry of defence more concerned with horse dentists, asks Michael Martins in today’s Notebook
Europe’s defence disconnect
A former boss at the US Embassy once told me a diplomat’s job was to visit the car dealership of government policy and check the tyres. Anyone can read headlines – the real insight comes from lifting the hood.
That lesson has come to mind often lately.
Across Europe, leaders are striking an increasingly hawkish tone. Keir Starmer wants to build a coalition of the willing to stabilise Ukraine. Germany’s new Chancellor wants the continent’s most powerful army. Emmanuel Macron muses about bringing back conscription. But the substance feels at odds with the soundbites.
Last month, one of the UK ministry of defence’s largest open tenders was for horse dentists. More than half of the rest were for buildings maintenance. The only European countries seemingly treating the threat landscape seriously are those bordering Russia, Ukraine or Belarus. And their budgets – while serious – aren’t deep enough to rebuild Europe’s defence-industrial base. Meanwhile, the UK, home to some of Europe’s most dynamic defence firms, may remain locked out of the European Defence Fund over unresolved post-Brexit squabbles.
That disconnect is bleeding into the private sector.
In recent weeks, I’ve spoken with dozens of defence and dual-use firms across Europe and the US as Overton positions them for the new geopolitical order. The contrast is stark. European firms often enjoy easier access but approach tenders with scepticism – citing limited capital, ESG requirements or the belief that bids are “hardwired” for incumbents. US firms, by contrast, face more regulatory hurdles, but operate with urgency, backed by a government that spends on defence.
So, while European leaders use the language of deterrence, many still don’t back their industrial base with the requisite urgency or confidence.
This matters. If we’re going to act like we’re on a war footing, we need to treat our defence sector seriously by making it easier for businesses to partner, bid and scale.
Until then, I’ll keep checking the tyres, but I won’t be surprised if I get out of offices when the weather’s nice.
London needs a Jeremy Clarkson, not another night czar
I loved Clarkson’s Farm – not because of Clarkson’s humour, but because he exposed, perhaps accidentally, how national and local policy can crush entrepreneurship through overreach and hypersensitivity to a vocal minority. Last week another London festival was likely cancelled after a small group decided a weekend’s commerce would be too noisy. That’s not community protection – it’s cultural sterilisation and local economic destruction. London doesn’t need more enforcement officers, it needs its own Clarkson – someone to expose how arbitrary rules and bureaucratic cowardice are making the capital less vibrant, open and worth staying in.
I got locked out of the economy (Linkedin)
Last week, I was locked out of Linkedin for a few hours due to a technical issue. I hadn’t realised that was even possible, but the experience underscored just how much power this platform holds. Job hunting? No Easy Apply button for you. Business development? Hope you’ve got paper flyers. There’s no support line, the Linkedin Help X account hasn’t posted since 2024, and the only rectification process is via email. For a platform that’s become essential infrastructure for professional life, its customer service options are astonishingly opaque. Hopefully that changes.
Where’s the entrepreneur’s mortgage?
I’m in the middle of remortgaging and, like so much else, it’s another unexpected hurdle for entrepreneurs. Roughly 12 per cent of the UK is self-employed, so many of us are familiar with the feast-and-famine rhythm of business life. But I was surprised to find there’s still no mortgage product tailored for us. We take the risks, yet banks treat us worse than gig workers. If lenders can design mortgages for renters, surely there’s room for basic, low-risk options for entrepreneurs. A solution, even at a modest scale, is long overdue.
A recommendation: NTS Radio
Since starting Overton, my days have filled up fast and one unexpected casualty has been my Spotify Discover Weekly. It used to reliably serve up what I liked, but now it rarely hits the mark. My new music pipeline has slowed to a trickle.
That was the state of things until I heard NTS Radio playing at my local taproom. It’s been a total game changer for passive listening – fresh, surprising and low effort. I know I’m late to the party (especially having lived down the street from their studios for a decade), but I finally get the hype.
In a world of algorithm fatigue and call-heavy days, NTS has managed to bring music discovery back into my life – without me having to think too hard about it.
Highly recommended if your playlist’s gone stale.
Michael Martins is the founder of Overton Advisory and a former Political and Economic Specialist at US Embassy London