More or less yes, the £1bn may include some newly produced equipment, but will take months at least, upto now nearly all supplies have been taken from the donor countries armed forces direct ,most defence companies don't have stock at hand, all work is done to individual contracts, at the moment NATO is down to the bare bones, luckily russia is too, hope China are too busy with Covid.Right, so you are saying the £1bn he's talking about won't be spent on weapons going to Ukraine. Rather, someone, somewhere, will determine what £1bn of existing is (in terms of what UKR want) and take that from UK forces?
So, until suppliers can replenish those 'donations', UK armed forces are 'down' £1bn worth of weapons?