"We welcome the progress the Ministry of Defence has made in getting to grips with its budget and military equipment costs, but real risks remain to the affordability of its 10-year Equipment Plan," Margaret Hodge, Chair of the PAC was quoted as saying in the report.
The report also criticized the British government for underestimating the cost of procuring weapons as well as for its excessive reliance on contractors.
The report was released amid criticism of the UK government from its own parliamentarians over sharp cuts in the defense budget, subject to a review following the general elections in Britain in May.
The current equipment plan covers the United Kingdom’s spending on defense from 2014 to 2024. The major projects covered in the UK Defense Ministry’s plan concern, in particular, spending on submarines, fighter jets, drones, aircraft carriers and helicopters.