Navy bonds as a defence-funding instrument

Could higher defence spending be funded through bonds, and is there a peacetime precedent?

Peacetime navy bonds have historical precedent and could fund investment, but modern Treasury control makes independent defence financing politically difficult.

Modern peacetime war bonds have little precedent in this account, but navies historically issued bonds for infrastructure and upgrades. A tentatively recalled Napoleonic-era example links some returns to proceeds from ships captured in a future conflict within a specified period. Bonds are proposed as a way to finance investment without an immediate tax rise. The institutional obstacle is that such a mechanism would give the Ministry of Defence more financial independence than the Treasury may accept.