It is all about contracts signed by the Labour government just before they were kicked out. The new government could put them on hold and evendrop them.
There are, apparently, billions of pounds of spending commitments left behind that have not yet been accounted for.
According to the report one of these is "a £600m computer contract for the new personal pensions account scheme rushed through by Labour this year, which will still cost at least £25m even if it is cancelled."
So that's the Personal Accounts Delivery Authority (PADA), which was created by the government to administer pension schemes. It was outsourced to Tata Consultancy Services (TCS) in March.