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1182183

	registered interest
	date	03/03/2020
	answering body	Ministry of Defence
	answering dept id	11
	answering dept short name	Defence
	answering dept sort name	Defence
	hansard heading	Defence: Procurement
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Defence, with reference to the recommendation on page 8 of the NAO's report, The equipment plan 2019 to 2029, HC 111, 2019-29, published on 27 February 2020, whether his Department has plans to recruit financial specialists to increase the accuracy of his Department's cost forecasting.
	tabling member constituency	North Durham
	tabling member printed	Mr Kevan Jones
	type	WrittenParliamentaryQuestion
	uin	24262
	answer	answer is ministerial correction date of answer 09/03/2020 answer text <p>Within the Finance Function, the Cost Assurance and Analysis Service (CAAS) plays a key role in the Ministry of Defence's (MOD) drive for Value For Money, leading on cost management development across Defence. CAAS has ISO accreditation as a professional cost management organisation with a team of over 300, including professional staff in the areas of Cost Accountancy, Cost Engineering and Cost Estimating. In Financial Year 2019-20 CAAS grew its Cost Estimating capability, with the arrival of an additional 40 graduate estimators. These staff have been recruited directly into CAAS on a bespoke 2 year Estimating Development Scheme.</p><p>In Financial Year 2020-21, CAAS plans to develop a bespoke E-Academy to provide cost management training on a virtual basis across a wider cohort of MOD finance and estimating staff. This will sit alongside ongoing work to share and embed leading cost management practice across Defence.</p> answering member constituency Horsham answering member printed Jeremy Quin question first answered 09/03/2020 16:19:58 answering member 4507 label Biography information for Sir Jeremy Quin
	tabling member	1438 label Biography information for Mr Kevan Jones

1182212

	registered interest
	date	03/03/2020
	answering body	Ministry of Defence
	answering dept id	11
	answering dept short name	Defence
	answering dept sort name	Defence
	hansard heading	Defence: Procurement
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Defence, with reference to the NAO's report of 27 February 2020, The equipment plan 2019 to 2029, HC 111, 2019-20, what the percentages are of (a) USD and (b) EU foreign exchange rate losses of the £1.5 billion losses referenced in that report.
	tabling member constituency	North Durham
	tabling member printed	Mr Kevan Jones
	type	WrittenParliamentaryQuestion
	uin	24263
	answer	answer is ministerial correction date of answer 09/03/2020 answer text <p>The assessment of affordability presented in the Ministry of Defence Equipment Plan report of 27 February 2020 includes forecast costs for foreign currency using the most likely exchange rates at the reporting date (April 2019). The NAO calculated that these costs could be £1.5 billion more over 10-years based on less favourable exchange rates in October 2019. All of this was due to US Dollar exchange rate changes. Forecast exchange rates have since improved so these additional costs no longer represent the most likely outcome, though the Department recognises the risk of additional costs as exchange rates fluctuate in response to events.</p><p>The Department plans on the basis of most likely costs using foreign exchange rate forecasts from professional forecasting agencies and theoretical economic models. The department limits the risk of additional costs by purchasing a proportion of demand up to three years in advance at fixed prices using services provided by the Bank of England and HM Treasury. The impact of short-term variations in foreign exchange rates are managed as part of the routine financial management of the defence programme.</p> answering member constituency Horsham answering member printed Jeremy Quin grouped question UIN 24264 question first answered 09/03/2020 16:20:54 answering member 4507 label Biography information for Sir Jeremy Quin
	tabling member	1438 label Biography information for Mr Kevan Jones

1182213

	registered interest
	date	03/03/2020
	answering body	Ministry of Defence
	answering dept id	11
	answering dept short name	Defence
	answering dept sort name	Defence
	hansard heading	Defence: Procurement
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Defence, with reference to the NAO's report of 27 February 2020, The equipment plan 2019 to 2029, HC 111, 2019-20, which defence programmes have been responsible for the foreign exchange rate losses of £1.5 billion referenced in that report.
	tabling member constituency	North Durham
	tabling member printed	Mr Kevan Jones
	type	WrittenParliamentaryQuestion
	uin	24264
	answer	answer is ministerial correction date of answer 09/03/2020 answer text <p>The assessment of affordability presented in the Ministry of Defence Equipment Plan report of 27 February 2020 includes forecast costs for foreign currency using the most likely exchange rates at the reporting date (April 2019). The NAO calculated that these costs could be £1.5 billion more over 10-years based on less favourable exchange rates in October 2019. All of this was due to US Dollar exchange rate changes. Forecast exchange rates have since improved so these additional costs no longer represent the most likely outcome, though the Department recognises the risk of additional costs as exchange rates fluctuate in response to events.</p><p>The Department plans on the basis of most likely costs using foreign exchange rate forecasts from professional forecasting agencies and theoretical economic models. The department limits the risk of additional costs by purchasing a proportion of demand up to three years in advance at fixed prices using services provided by the Bank of England and HM Treasury. The impact of short-term variations in foreign exchange rates are managed as part of the routine financial management of the defence programme.</p> answering member constituency Horsham answering member printed Jeremy Quin grouped question UIN 24263 question first answered 09/03/2020 16:20:54 answering member 4507 label Biography information for Sir Jeremy Quin
	tabling member	1438 label Biography information for Mr Kevan Jones