Select committee: Public Accounts Committee
Conclusion 29
67th Report - NS&I’s transformation programme
Published 13 Feb 2026
Addressed to HM Treasury
Public Accounts Committee NS&I’s transformation programme All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
The Treasury said its spending review controls require the lead NED on the transformation committee to assure Ministers that the finances of the programme are under control.84, and it now seeks quarterly affirmation from NS&I NEDs on progress before releasing funds.85 We asked the Treasury how NS&I could deliver the programme if the budget had been fixed before the outcome was determined. The Treasury reiterated that the programme needed a plan first, and denied that if NS&I asked for more funding beyond agreed amounts it would automatically get it.86 It acknowledged that Ministers would need ultimately decide whether to increase the budget later, and would expect NS&I to present options for meeting the budget set at the spending review.87 80 Q 18; C&AG’s Report, Figure 9 81 Q 17; C&AG’s Report, para 9 82 Qq 18, 39, 42 83 Q 44 84 Q 16 85 Q 42 86 Q 26 87 Qq 27-31 17
From: Public Accounts Committee, 67th Report - NS&I’s transformation programme (HC 1237), 13 February 2026
Government response
The government responded to the whole report on 7 April 2026 (deadline 13 April 2026).
Summary written by Accountability Index from the government's response. It is not the government's own words.The government states that it "agrees with the Committee's recommendation" on each of the recommendations in the report, and sets target implementation dates between June and Autumn 2026.
- On the integrated plan, the government agrees that NS&I should prepare a realistic plan. NS&I is developing costed options, which will form the basis of a revised Full Business Case in the second quarter of 2026-27, "subject to Treasury and Ministerial process timings".
- NS&I will write to the Committee "within six months" setting out the integrated plan, including timelines and a revised estimated cost, and will provide a written update on its risk management framework "by June 2026".
- On culture, a business-wide programme of cultural change activity will be developed, with an initial plan to go to the Board and the Treasury in early Summer 2026 for "rolling implementation over the coming 12-18 months".
- The Treasury says it will evaluate NS&I's agreed plan through a full Treasury Approval Panel process and will write to the Committee in the Autumn on lessons learned from its oversight.