Martin Docherty-Hughes
Main Page: Martin Docherty-Hughes (Scottish National Party - West Dunbartonshire)Department Debates - View all Martin Docherty-Hughes's debates with the Ministry of Defence
(7 years, 9 months ago)
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Sir Michael Fallon
I congratulate my hon. Friend on his knighthood, as I should earlier have congratulated the hon. Member for Bolton North East (Sir David Crausby). My hon. Friend is absolutely right that we need to continue to improve the effectiveness of our work within the European Union and NATO.
Martin Docherty-Hughes (West Dunbartonshire) (SNP)
The 2015 strategic defence and security review considered the pressures on allies, and the undermining of our military and economic alliances and institutions, to be possible risks. With the United Kingdom leaving the European Union, what assurances can the Secretary of State give that we will mitigate the economic risk, especially given foreign currency fluctuations? The National Audit Office pointed out that the fluctuations pose a “significant risk” to the national equipment plan.
Sir Michael Fallon
I will not comment—the hon. Gentleman would not expect me to—on the current level of sterling vis-à-vis the dollar or the euro. Suffice it to say that the Ministry, like any other large organisation, takes precautions against fluctuations in currency rates. It is far too early to say—indeed, it is wrong to speculate—where those exchange rates will eventually settle down.