Media: GBP decline causes hole in UK’s defense budget

Baku. 28 January. REPORT.AZ/ Decline of national currency caused £5.8 billion ($7.3 billion) hole in United Kingdom’s defense budget.

Report informs referring to TASS, The Times magazine published summary of report by National Audit Office (NAO).

The report found that the Ministry of Defense (MoD) needed to find £5.8 billion of additional savings in its equipment plan, according to MoD’s ten-year £82 billion ($103 billion) plan to modernize the army, navy and air force.

State institute warns that latest fluctuations in exchange rate will have significant impact on implementation of the plan.

UK defense budget is second largest in NATO, first in EU and fifth in the world.