BAE Chief Warns Of Impact Of UK Budget Cuts On Industry-Report

14th Jul 2010 08:01

LONDON (Dow Jones)--The head of BAE Systems PLC (BA.LN) has warned that U.K. government budget cuts could threaten the country's ability to finance defense projects in the future, U.K. newspaper The Times reports Wednesday. The government has launched the Strategic Defence and Security Review to decide the shape and purpose of the U.K.'s military, and the country's industrial requirements will also be examined as part of this. "The U.K.'s Defence Industrial Strategy does need to be updated and [needs to] look at what we want to keep. What industrial sovereign capability will we retain in the U.K.? We want a list of programs that are safe and we will respond accordingly," said Ian King. The defense industry is concerned that if the skills aren't retained, the industry's long-term future could be damaged. Full story: www.thetimes.co.uk -London bureau, Dow Jones Newswires; +44 (0)20 78 42 9330; [email protected] (END) Dow Jones Newswires July 14, 2010 03:01 ET (07:01 GMT)