EXC: British taxpayers took a £670,000 hit after Israel trade summit was cancelled at the last minute

British taxpayers took a hit of more than £600,000 after a trade summit with Israel had to be cancelled at the last moment.

The painful bill for the aborted conference in London in Spring last year was revealed in the latest accounts for the Trade Department.

Some £670,000 was sunk into organising the high-level event that was due to feature then-PMs Boris Johnson and Naftali Bennett.

It was intended to ‘showcase the shared talents and skills of world-leading British and Israeli companies’ and ‘galvanise greater collaboration in sectors such as AI, cyber security and life sciences’ – with a major push for a bilateral trade deal.

However, the spending had to be written off when Mr Bennett’s coalition dramatically lost its majority in April. 

The department’s accounts blamed the cancellation on ‘urgent Israel Parliamentary business’

The department’s accounts blamed the cancellation on ‘urgent Israel Parliamentary business’.

‘Due to the last-minute nature of the cancellation, the supplier costs were unrecoverable,’ the document said. 

A spokesman for the department – now rebranded the Department for Business and Trade – said: ‘We always prioritise value for money for the taxpayer and follow strict guidance on all government spending, but major summits require long-term planning and it’s not always possible to predict every eventuality.

‘Trade between the UK and Israel is thriving, and last year was worth £7.2 billion. 

‘While changing circumstances unfortunately prevented this specific event taking place, our investment relationship remains strong as we work towards a bold trade deal that will promote tech and innovation across both our countries.’