UK defence firms ‘bleeding cash’ as delayed spending plan leaves industry in ‘paralysis’
Defence manufacturers are going bust while others have been left in “paralysis” and “bleeding cash” as they wait for a long-delayed UK military spending plan for the next decade, MPs have heard.
Industry groups said that a more than six-month delay to the defence investment plan (DIP) has also left the UK behind Germany and the US in attracting cash from global investors.
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The DIP, originally expected last autumn, has been repeatedly postponed amid warnings that the military faces a £28bn funding gap over the next four years.