UK MoD's equipment finances criticised
The UK MoD is still failing to effectively manage its finances, according to a damning report published on 13 May by the UK Public Accounts Committee (PAC).
The study into the MoD’s ten-year equipment plan and major projects report suggests that whilst some progress had been made by the department in controlling procurement costs, elements of its £164 billion 2013-2023 equipment budget were still ‘uncertain’.
A £1.2 billion underspend during 2012-2013 was a major concern – the PAC warned that if left unaccounted for, large sums could be withdrawn from MoD budgets by the treasury, potentially putting the armed forces
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