Morse Code for stating the bloody obvious.
The 2009 Report
To address the deficit the Ministry of Defence has reduced equipment numbers being bought on some projects and taken short-term decisions to slip other projects. This short-term approach to savings will lead to long-term cost increases. In 2008-09, costs on the 15 major defence projects examined by the NAO increased by £1.2 billion, with two thirds of this increase (£733 million) directly due to the decision to slow projects. Attempting to save money in this way does not address the fundamental affordability problems, increases through-life costs and represents poor value for money on the specific projects affected.
The MoD, at working level, has known that for years. At significantly above "working level", the grown ups have been saddled with in year "control totals" that have required in year fund shuffling to comply with Treasury spending rules.
Although it is fashionable and fun to knock the MoD, DE&S in particular, the core problem origin is external. The politicians and the Treasury are nicely insulated from any poo that escapes from the fan, though. Getting somebody to commit suicide isn't murder, is it.