03:04 GMT +315 November 2018
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    UK MPs Find Supermassive Black Hole in Defense Budget – Reports

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    Financial gaps could seriously hamper the British military’s ability to face up to “serious challenges in national defense,” MPs have warned.

    Britain’s Ministry of Defense (MoD) may see its plans to modernize the country’s military hit a snag over a lack of funds it needs to buy equipment to combat mounting threats over the next decade, the Independent reported, citing a parliamentary report.

    The Ministry wants to spend almost £180 billion ($243.7 billion) over the next 10 years on the development of a new generation of nuclear-powered submarines, new frigates and the troubled F-35 fighter jet program.

    However, a report by the parliament’s Pubic Accounts committee said that the MoD could be almost £21 billion ($28.4 billion) short of the money it needs to make this happen.

    The report concluded that the department “simply does not have enough money to buy all the equipment it says it needs” and accused it of losing control over costs.

    The MPs were also critical of a lack of transparency over the costs of F-35 planes, which are due to enter service with the RAF this year.

    The committee warned that the 10-year equipment plan contains “no headroom” and leaves Britain increasingly dependent on its foreign allies.

    READ MORE: Defense Cuts Leave UK Reliant on French, German Militaries — MP

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    Defense Cuts Leave UK Reliant on French, German Militaries - MP
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    parliamentary report, "black hole", defense budget, F-35, UK Parliament, British Ministry of Defense, United Kingdom
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