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The Government-backed NS&I is facing a bill of £3 billion and a four-year delay for its major digital revamp, having “underestimated” the scale of the challenge, the pubic spending watchdog has said.

The savings giant does not have a realistic plan in place and lacks the capability to deliver on its programme, according to the National Audit Office (NAO).

NS&I, which has more than 24 million customers and is backed by the Treasury , kickstarted a digital transformation programme in 2020.

It was hoping to reduce its running costs and modernise its IT systems as part

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