Ministry of Defence written question – answered at on 2 July 2020.
To ask the Secretary of State for Defence, what steps his Department is taking to mitigate the risks of cost increases on his Department's spending as a result of exchange rate fluctuations.
We mitigate the impact of foreign exchange using forward purchase contracts agreed with the Bank of England. This mechanism provides increased budget stability in the forward programme and is not intended to generate gains or savings from the foreign exchange market.
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