PressTV-UK defense could face £15bn budget deficit

A new report has projected that Britain’s Ministry of Defense (MoD) could face a gap of £15 billion (less than $20 billion) in a matter of a decade if it fails to prioritize its programs for production of modern military equipment.

The National Audit Office (NAO) published a report on Monday suggesting that the MoD would be short of £7 billion in the next 10 years as the ministry’s forecast costs exceed its budget of £186.4.

The NAO said the black hole could be expanded to reach the whopping figure of 14.8 billion if all sorts of identified risks occur and the MoD fails to decide which program to defer or drop as soon as possible.

The report said the MoD had incurred huge costs on taxpayers by postponing projects that should not have been deferred, adding that there will be a “real danger” for the ministry in the next 10 years to waste more taxpayers’ money.

“These [deferred projects] included delaying by two years its…

Read more