QNTQY Qinetiq Group PLC (PK)

The U.K. will cut armed forces personnel, withdraw its forces from Germany and press ahead with building two aircraft carriers, Prime Minister David Cameron said Tuesday.

Cameron delivered the long-awaited strategic defense and security review to the House of Commons, a program outlined earlier this year to cut spending to address a gaping budget deficit.

Britain will cut 7,000 jobs from the army and 5,000 from each of the Royal Air Force and the Royal Navy.

Forces will withdraw from Germany by 2020.

Two aircraft carriers will be built after Cameron said the cost of canceling one of carriers was higher than the build cost.

-By Jonathan Buck, Dow Jones Newswires; +44 (0)207 842 9237; jonathan.buck@dowjones.com

Qinetiq (PK) (USOTC:QNTQY)
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Qinetiq (PK) (USOTC:QNTQY)
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