"In a report published on Friday, the Public Accounts Committee (PAC) delivered a scathing review of National Savings & Investments' (NS&I) years-long digital transformation effort, saying the project continues to expose taxpayers to "unacceptable risks." The project, once cheerfully branded "Project Rainbow," was intended to modernize NS&I's aging infrastructure, reduce operational costs, and improve services for millions of customers. Instead, it has become a case study on how government modernization projects can spiral out of control when complexity is underestimated."
"PAC chair Sir Geoffrey Clifton-Brown wasted little time setting the tone. "NS&I's original name for its troubled digital modernization effort was Project Rainbow," he said. "It is perhaps unsurprising that this upbeat name for the scheme was retired as aptly our report finds it has been a full-spectrum disaster." That tone continues throughout the report. MPs say the program has yet to deliver the promised new services and still lacks a fully integrated, credible plan outlining next steps, a timeline, and costs."
National Savings & Investments (NS&I) launched a multi-year digital modernization, originally called Project Rainbow, to replace aging infrastructure, cut operational costs, and improve customer services. The Public Accounts Committee concluded the program has failed to deliver promised new services, lacks a fully integrated credible plan with timelines and costs, and continues to expose taxpayers to unacceptable risks. Costs are estimated at about £3 billion as of 2024, with legacy systems still operating and contracts extended to 2028. NS&I could not provide a total spend to date. The Bank of England's £431 million RTGS renewal was cited as a timely, on-budget contrast.
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