MoD to give up QinetiQ veto

QinetiQ is to get a one-off payment from the Ministry of Defence (MoD) after the two parties signed an agreement releasing the MoD from accumulated costs incurred in previous years.

QinetiQ is to get a one-off payment from the Ministry of Defence (MoD) after the two parties signed an agreement releasing the MoD from accumulated costs incurred in previous years.

The defence technology firm will trouser £65m with the payment being reflected in the accounts for the next financial year, which starts on April 1st. The deal settles liabilities which otherwise would be expected to be recovered through revenue rates over a decade.

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