The UK has a self-image as a security policy leader in Europe. However, as other European states have increased defence spending, the UK can no longer simply rely on distinguishing itself through the size of its own financial commitment. The UK could instead leverage the strength of its industry to help build more independent European capabilities to ensure the continent’s future security. Since the start of the war in Ukraine, the UK has operated on a ‘yellow’ threat perception: Russia is seen as an adversary that could plan an attack against NATO in the next few years. The UK government has adjusted defence spending and capability investments accordingly. This threat perception is likely to last so long as the Russian invasion of Ukraine continues.