Ministry of Defence written question – answered at on 2 July 2020.
Kevan Jones
Labour, North Durham
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.
Jeremy Quin
The Minister of State, Ministry of Defence
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.
Yes1 person thinks so
No0 people think not
Would you like to ask a question like this yourself? Use our Freedom of Information site.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
