Overview
- Parliament’s Public Accounts Committee warned the programme exposes taxpayers to “unacceptable risk” and has yet to deliver meaningful benefits.
- Estimated costs reached about £3bn by the end of 2024, up £1.3bn from launch, and NS&I could not tell MPs how much has been spent to date.
- The report cites a “good news” culture and thin in-house delivery skills, with £43m paid to consultants and weak accountability for their work.
- Replacing the core banking engine is labelled “extremely high-risk,” with main work still to begin and SBS’s SBP Digital Core targeted for 2028.
- The government confirmed an additional £109m subject to parliamentary approval, while NS&I says it is reassessing options and notes savings are Treasury-backed.