Ministry of Defence
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Defence Secretary balances MOD budget
The MOD's budget deficit has been wiped out for the first time in a generation, Defence Secretary Philip Hammond announced yesterday.
Through a series of tough but necessary decisions, combined with radical reforms of the MOD's financial processes, the £38bn black hole in the Defence Budget that the Government inherited in 2010 has now been eliminated.
It means that, for the first time, the MOD's core equipment programme is fully funded and affordable.