How can the UK and France increase defence spending to 5% of their GDP?

The answer is already out there, and provided by the US. They should take the deal that the US proposed of taking $500B of Ukrainian rare earth minerals, and adjust it so that it works for them (UK and France that is) and Ukraine.

1. Take loans for the increase in spending , and use the future revenue from extracting these minerals as loan guarantees. This means that other spending will be less dramatically impacted by the need for additional defence spending. The money should be ring fenced to separate it from the rest of the budget.
2. Agree something that is mutually beneficial to Ukraine rather than the all AND nothing deal the US offered. Something like
   • Provide arms, ammunition, expertise and logistics as long as needed. This would mean quickly ramping up production, and in the short term giving pretty much everything they have in reserve, and back filling with that new production. Seems doable.
   • Expanding defence industries and including Ukrainian companies in partnerships to help them develop. They could also utilise current Ukrainian expertise and manufacturing, particularly in drone design and production
   • Agree a long term deal – such as a 50/50 split of revenue between Ukraine and the UK/France, from the raw materials for the next 50 years – the 3×50 plan! (Exact details would depend on the number crunchers). This would support long term increases in defence spending, and if there was extra, paying down national debt.
3. This would have the added benefit of decreasing the European/UK dependence on the US security guarantees and US defence industries. That would be inline with the US priorities. It does, however, seems clear they would not be happy about this approach, but can they have it both ways?