Britain: Libya Could Cost U.K. $473 Million

LONDON -- Britain's Defense Minister Liam Fox says U.K. military involvement in Libya will cost about $473.5 million.

In a written statement to lawmakers Wednesday, Fox said the cost of NATO-led operations for Britain -- from the start of missions in March up to the middle of December -- was estimated at 160 million pounds.

He said all costs will be covered by Treasury reserves and will not affect the Ministry of Defense's core budget.

Replacing ammunition used will cost the U.K. about 140 million pounds, Fox said.
In March, Treasury chief George Osborne said the campaign would likely cost "tens of millions, not hundreds of millions" of dollars.

Britain's defense ministry is facing sharp spending cuts under the country's austerity measures.