An additional GBP600 million (USD842.5 million) funding is being made available to the UK Ministry of Defence (MoD) to help cover expected cost overruns in the country’s Dreadnought successor nuclear deterrent submarine programme, Prime Minister Theresa May told parliament on 28 March.
May said she had reached an agreement with the Chancellor of the Exchequer [finance minister] Philip Hammond on the extra funds. “Today’s announcement will ensure that the work to rebuild the UK’s new world-class nuclear submarines remains on schedule, and it is another sign of the deep commitment this government have to keeping our country safe.”
The money, which will be spent in the 2018/19 financial year, is coming from the existing GBP10 billion contingency fund set aside for the Dreadnought programme in the 2015 Strategic Defence and Security Review, according to ministry sources.
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