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Ministry of Defence: USA

Ministry of Defence written question – answered on 21st October 2019.

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Photo of Kevan Jones Kevan Jones Labour, North Durham

To ask the Secretary of State for Defence, what his Department's current US dollar contract liability is.

Photo of Kevan Jones Kevan Jones Labour, North Durham

To ask the Secretary of State for Defence, how much his Department has spent from the public purse on foreign exchange losses in the 2018-19 financial year.

Photo of Anne-Marie Trevelyan Anne-Marie Trevelyan The Parliamentary Under-Secretary of State for Defence

We address the impact of foreign exchange using forward purchase contracts agreed with the Bank of England.This mechanism provides budget stability in the forward programme and is not intended to generate gains or savings from the foreign exchange market.

In 2018-19, the Department held a central contingency that provided support for fluctuations of the exchange rates.

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