Drop in value of Sterling and impact on Police Procurement

Meeting: 
MQT on 2018-02-22
Session date: 
February 22, 2018
Reference: 
2018/0533
Question By: 
Andrew Dismore
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What has been the impact on the Met Police budget due to the drop in the value of Sterling?

Answer

Answer for Drop in value of Sterling and impact on Police Procurement

Answer for Drop in value of Sterling and impact on Police Procurement

Answered By: 
The Mayor

Since Brexit the value of Sterling against both the Dollar and Euro has fallen by an average of 15-18%, though recently there has been a slight recovery.  The price of some goods, especially IT hardware which tends to be valued in Dollars, has increased significantly over this period though the cost of services which are valued in Sterling has only increased in line with inflation.

Potential foreign currency exposure impacts on IT costs and has been registered as a key risk by the Digital Policing (DP) Board, this is monitored through the standing DP risk management processes.  The IT budgets includes a provision for inflation including such foreign currency impacts and this position is actively managed over the year to deliver IT services within budget.