UK MoD Exchange Rate Hole
Today's "Times":-
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The MoD faces a multi-billion pound hole due to post Brexit exchange rates.
The NAO warns that the £ 82 Bn 10 years modernisation plan includes £ 18.6 Bn in dollars and Euro 2.6Bn all set at pre-referendum rates of exchange and "poses a significant risk to the plans affordability" If the pound stays were it is right now there is a £ 3Bn hole.
The MoD also requires a further £ 6 Bn saving after the £ 24.4 Bn of extra commitments announced in 22015 which will absord ALL the £ 10.7 Bn "headroom" built into the original plan.
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Looks like more cuts coming guys.......