Asked if the UK has troop numbers to support Ukraine if it comes to a peace-keeping mission with boots on the ground, Reynolds admits it would be a massive ask.

He says "we shouldn't downplay" the abilities of the armed forces but says there's a lot more to do.

Reynolds also insists the UK is committed to increased defence spending and meeting the 2.5% of GDP target.

Pressed on the "roadmap" planned for defence spending, Reynolds says a spending review is underway, and that there had been a substantial increase in the last budget.

He adds it's not unreasonable for the US to expect Europe to increase defence spending.

Victoria Derbyshire, who as a reminder is filling in for Laura Kuenssberg this week, says she's trying to understand what appears to be the new world order and observes that the Europeans and Ukrainians don't appear to be at the table for negotiations.

Reynolds says US Defence Secretary Pete Hegseth has said that everything is on the table, but stresses that for a peace settlement to be durable, it has to involve Europe.

“Ultimately the president is someone who likes to win, and winning would not be rewarding a war of aggression," he says

When asked specifically about remarks Hegseth made about Ukraine not being in Nato, Reynolds says “again he has also said he is not ruling anything out,” adding that peace requires a guarantee of that peace settlement.

“We will all have to play a part in it," Reynolds says.

Business Secretary Jonathan Reynolds has just been asked on Sunday with Laura Kuenssberg how Europe should respond to the United States' plans to exclude the continent from Russia-Ukraine peace talks.

Reynolds starts by saying he welcomes the fact US President Donald Trump wants to see an end to the conflict.

This is also the view of the UK, he adds, saying he accepts the US president's request to see Europe play a bigger part in securing the continent.

Reynolds says there is more common ground than not and adds that the UK also wants to see a durable peace plan. The UK will make sure "we are strengthening that relationship between the US and Europe", he says.

The business secretary also says there can be "no durable peace" without the involvement of Ukraine and European nations in negotiations.

Frank Gardner
Reporting from the Munich Security Conference

On this final day of the Munich Security Conference confusion and uncertainty still cloud the issue of how President Trump plans to end the Ukraine war.

European leaders worry that this is a train that’s leaving without them.

They are due to hold an emergency summit next week, just as US and Russian negotiators begin talks in Saudi Arabia, that apparently will not include Ukraine.

This year’s Munich conference will be remembered for the week that America told Europe: everything’s changed, you can no longer take it for granted that we will be there to defend you.

European nations are now under pressure to raise their defence spending to at least three per cent of their national wealth as they brace for the likelihood Russia will use a ceasefire in Ukraine to rebuild its huge army on Nato’s eastern flank.

Image source, Getty Images

UK Prime Minister Keir Starmer, has issued a statement following US plans to hold Ukraine peace talks with Russia - without Europe.

Starmer says the talks will offer "a once in a generation moment for our national security".

He adds: "It's clear Europe must take on a greater role in Nato as we work with the United States to secure Ukraine's future and face down the threat we face from Russia."

His comments come following US President Donald Trump's special envoy to Ukraine, Keith Kellogg, saying European leaders would be consulted but not take part in any talks between US and Russia over ending the war.

Kellogg told the Munich Security Conference that previous efforts at negotiation had failed because too many parties were involved.

Barbara Tasch
Live reporter

Good morning and welcome to our coverage of the last day of the Munich Security Conference.

As leaders gather for one last day of panels and conferences on matters of defence, European leaders are waking up to the fact that their relationship with the US has now changed.

We'll shortly be hearing from UK Business and Trade Secretary Jonathan Reynolds, who will address issues surrounding Ukraine and the UK steel industry on Sunday with Laura Kuenssberg.

We're also expecting to hear from US Secretary of State Marco Rubio later this morning, who is now in Jerusalem ahead of talks with Russia in Saudi Arabia in the coming days.

Stay with us as we bring you the latest lines and analyses from our correspondents.