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Saturday, February 18, 2012

MOD's £38b 'black hole' almost balanced


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The Ministry of Defence is close to eliminating the £38 billion "black hole" found in its books following the 2010 election and achieving a "sustainable and balanced budget", it was revealed today.

An MOD spokesman said Defence Secretary Philip Hammond was increasingly confident that the ministry was "turning a corner" and will be able to invest in new equipment projects.

He was unable to confirm reports that £2.1 billion has been earmarked for several major new spending projects.

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