The Department said that it would argue for new capabilities through this process, and if it received more resources, it would add these to the Equipment Plan. However, it accepted that it would need to prioritise investment decisions if new demands exceeded the funding from HM Treasury.19 In March 2023, as part of the Integrated Review refresh, the Prime Minister announced that the Department would receive £5 billion of additional funding over 2023–24 and 2024–25.20 Of this new money, it will spend £3 billion across 10 Qq 13, 14 11 Q 13 12 Q 33 13 Committee of Public Accounts, Defence capability and Equipment Plan, Tenth Report of Session 2019–21, HC 247, July 2020 14 Committee of Public Accounts, Improving the performance of major defence equipment contracts, Twenty- Second Report of Session 2021–22, HC 185, November 2021 15 Q 26, Integrated Review Refresh 2023 16 Q 26 17 Q 28, British-led design chosen for AUKUS submarine project - GOV.UK (www.gov.uk) 18 Q 52 19 Q 49 20 Integrated Review Refresh 2023, P34 10 MoD Equipment Plan 2022–2032 the defence nuclear enterprise and the remaining £2 billion on replenishing stockpiles and increasing them in line with a reassessment of appropriate levels.21 In November 2022 the Secretary of State for Defence had told Parliament that the inflationary pressure on his budget over the next two years was £8 billion.22