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UK nuclear weapons programme £1.3bn over budget

The Ministry Of Defence's "poor management" of Britain's nuclear weapons programme has led to rising costs and lengthy delays, according to the government spending watchdog.
The National Audit Office looked at three security sites in England, known as the Defence Nuclear Estate.
It found the infrastructure projects face delays of between one and six years, with costs increasing by £1.3bn.
The MoD said it would carefully look at the report's findings.
The projects, initially valued at £2.5bn, are being built to enhance or replace existing facilities at Barrow-in-Furness in Cumbria, where four new submarines are being built by BAE Systems to carry Trident missiles.
The other sites are Raynesway near Derby, where Rolls Royce is developing nuclear reactors to power the submarines, and at Burghfield in Berkshire, where the Atomic Weapons Establishment are assembling nuclear warheads.
Nearly half of the £1.3bn in increased costs are due to construction starting too early and then having to be revised, the NAO found.
The watchdog acknowledged there have been unique challenges, including the need to comply with stricter security and safety regulations for the nuclear industry, such as the construction of buildings able to withstand seismic activity.
But it said the MoD did not have the controls in place to overcome these barriers and prevent infrastructure designs from being over-specified and to ensure designs are "cost-effective".
'Monopolistic suppliers'
The NAO also criticised what it called "poor contracts", with the MoD taking all the risks and with the work being carried out by "monopolistic" suppliers.
BAE Systems earned an extra £10m in management fees following cost increases.
The company has no liability for costs and damages relating to non-performance. AWE also received additional fees when work was deferred.
The report said it was disappointing to see the MoD making similar mistakes to ones it made 30 years ago.
It says the department should not have allowed work to start too early and should have more control to agree to cost-effective designs.
In not doing so, the MoD's early management of the programme has "not delivered value for money", said the NAO.
Gareth Davies, the head of the NAO, said the "MoD's failure to mitigate commercial and delivery risks early on has led to project delays and cost increases as well as impacting its wider work".
The spending watchdog did acknowledge oversight had recently improved.
But the criticisms will likely catch the attention of the prime minister's chief special adviser, Dominic Cummings, who wants to overhaul the way the MoD buys military equipment.
Mr Cummings, who has been a harsh critic of defence procurement, has already held talks with Defence Secretary Ben Wallace about ways of tackling waste.
Mr Wallace recently admitted there was a shortfall in the department's budget.
In a statement the Ministry of Defence said it was carefully examining the conclusions of the report but was committed to strengthening the management of its nuclear programme.
source:BBC
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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