Defence officials insisted to MPs that the delay to the investment plan had not led to a freeze in procurement, and that the MoD was still signing contracts for new kit.
But the committee was also told the delay could have a knock-on effect on the delivery date of some systems, such as new mine sweeping technology.
And deputy chief of the defence staff, Air Marshal Tim Jones, said it could have an impact on the UK’s ability to meet its commitments to Nato.
He told MPs the land capability of the British Army is “nowhere near” where it needs to be and would need “a lot” of investment.
Asked whether Britain is currently capable of deploying soldiers for high intensity combat to Europe if the need arose, he said: “At the moment, we know that we are short of where we want to be in terms of heavy capabilities.”
He added: “That is why the defence investment plan and the integrated force plan that I am working on is designed to get us there as quickly as possible, so we can be at the position where we can meet our war-fighting headmark obligations under Nato.
“I am not going to make any bones about it, we are not where I know we need to be in terms of meeting those future Nato capability targets.”
It comes as the UK government announced it was joining forces with Finland and the Netherlands to set up a new mechanism for funding defence procurement.
Details of how the scheme will work have yet to be finalised, but the Treasury said it would work alongside existing EU and Nato initiatives to “strengthen collective deterrence, expand defence industrial capacity, and increase defence capability through joint procurement”.
The aim is to expand its membership to “like-minded” EU and non-EU countries, the department added.