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NS&I Tailored Review

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It's all going along swimmingly ripping savers off and employing people in India.



In the four years to 2017-18, NS&I delivered £51 billion of financing for government, saving £780 million compared with the cost of raising financing through gilts measured using the Value Indicator metric.

NS&I’s implied interest rate – across all of its products – in 2016-17 was just over 1.5% against 3% for gilts. NS&I’s net operating costs in 2017-18 were £121 million, meaning it costs just 8 pence for every £100 it raises for government; four years ago this figure was 14p, a reduction of over 40% - while the total customer deposits increased by around 50% from £106 billion to £157 billion.

The first outsourcing contract, across its lifetime (1999-2014), delivered real cash operational savings of £530 million to the taxpayer and was at the heart of NS&I’s transformation to a digital first business. The current outsourcing contract is expected to deliver a further saving of around £400 million. Atos employ circa 1,600 staff in major operational centres in Blackpool, Durham, Glasgow and Preston and circa 350 people in Chennai, India. NS&I employ circa 200 staff directly, predominantly in its London head office




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