A MAJOR Barrow-built submarine project is £1 billion over budget, a report claims.

A report released by Labour Party said the Astute programme of nuclear submarines had gone significantly over budget.

The figure was revealed as the Labour accused the Government of 'wasting' £13 billion of taxpayers' money since 2010 on defence projects.

Labour’s 'Dossier of Waste in the Ministry of Defence' also said the Dreadnought programme of Trident missile-equipped submarines had an overspend so far of £29 million.

But Barrow's MP said Labour had shown 'ignorance' towards defence spending over the report.

The figures were drawn from public reports and government information disclosures.

Shadow Defence Secretary John Healey said: “The Ministry of Defence is a uniquely failing department, yet ministers have taken no serious steps to secure value for taxpayers’ money.

“This scale of waste is totally unacceptable.

“A Labour Government would get to grips with these deep-seated problems from day one."

He said Labour would make the MoD the first department subject to its 'Office for Value for Money'.

Furness Conservative MP Simon Fell said the last Labour government had left a £35 billion 'black hole' in defence budgets.

He said: "[The report] shows the same Labour ignorance of defence procurement and accounting that led to the very Nimrod and aircraft carrier programme issues they now criticise.

"The figures within mostly relate to accounting adjustments, extensions and overruns, which are not the same as ‘waste’.

"Perhaps the worst thing in this report though is the reference to the Astute and Dreadnought programmes.

"Their sums do not account for the value enhancements that extra spend has brought.

"Labour is once again not showing commitment to our national defence, or the submarine programme, and you have to worry about the value that they attach to this critically important programme."

An MoD statement said: "This government is serious about investing in defence modernisation to ensure the UK armed forces have the relevant capabilities to face today's threats. That means taking tough decisions to replace old equipment and halt programmes that no longer fit requirements.

"The government has provided £24bn extra investment, with a fully-funded equipment plan alongside a new Defence and Security Industrial Strategy to maximise the benefits of investments for both the armed forces and UK prosperity."