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Findings from this NAO report include that the government has secured gains of £137 million from Private Finance Initiative (PFI) debt refinancings under new arrangements introduced by the Treasury in 2002 (including £102 million from four large refinancings (one of the London Underground contracts and three hospital projects: Norfolk and Norwich, Darent Valley and Bromley). The NAO found that the new sharing arrangements through a voluntary Code appear to be generally working well but there have been exceptions, for example in three road projects the public sector missed out on at least £1.7 million because gains were not shared in accordance with the voluntary code. The report also describes the emergence of the PFI secondary market which is enabling equity investors in PFI projects to sell their shares on to new investors.
This timely book examines the legal regulation of Public_Private Partnerships (PPPs) and provides a systematic overview of PPPs and their functions. It covers both the contractual relationships between public and private actors and the relationships be
Drawing on 20 years of experience as Comptroller and Auditor General, and head of the United Kingdom National Audit Office, Public Sector Auditing: Is it Value for Money? is Sir John Bourn’s own account of the role and influence value for money auditing has in holding governments to account and in helping public bodies improve the ways in which they deliver services. Key features include: In-depth case studies from UK, US, Canada, China, India and Australia; Detailed analysis of complex areas of public expenditure such as health, education, privatisation, regulation, defence and IT; Examples of how auditing can promote positive outcomes rather than negative post mortems. This book is relevant for people working in both the public and private sectors, and should be essential reading for the staff of public sector audit institutions around the world, as well as commercial accountancy firms and students of accountancy, politics, economics and public management.
In 1998, the Department of Trade and Industry (DTI) and Laser, a special purpose company jointly owned by Serco Group plc and John Laing plc, signed a 25-year long Private Finance Initiative (PFI) contract. Laser would build and manage new facilities for the National Physical Laboratory (NPL), comprising 16 linked modules, containing over 400 laboratories, and replacing many existing buildings. The planned cost of the new buildings was approximately £96 million. The DTI would pay Laser a unitary charge, of £11.5 million (1998 prices) a year once the new buildings were ready, the charge increasing annually based on the increase in retail prices. The project suffered considerable construction delays and difficulties in achieving the specification for some parts of the buildings, mainly due to deficient design. In December 2004, it was agreed to terminate the PFI contract. The DTI paid Laser £75 million for its interest in the new buildings. This was the first termination of a major PFI contract involving serious non-performance. This report examines the problems that led to the termination, why these problems arose, how the Department managed them and the value for money consequences of the termination. The report finds that the DTI successfully transferred risk in the PFI contract to the private sector, but that the project risks could have been reduced with firmer control and better communication. Up to and including the termination, the Department's investment in the new facilities was about £122 million (March 2005 prices). In return, the Department secured an asset valued at £85 million and for which all but eight of more than 400 laboratories should be capable of being made to meet its specification in full. The private sector reported a loss of at least £100 million.
A report that recommends a reform of the way, financial liabilities arising from private finance projects (PFPs) are treated in public accounts. It also deals with the growth in the secondary market for PFPs where investors sell on their stake in a project, in many cases once the construction period of that project has been completed.

H.M. Treasury

Great Britain: Parliament: House of Commons: Committee of Public Accounts

Published: 2007-11-27

Total Pages: 44


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Under the Private Finance Initiative (PFI) there are now 800 contracts with private sector suppliers for services worth in total £155 billion up to 2032. To achieve value for money, all stages of a project have to be managed effectively, including in the tendering process. The Committee, in a 2003 report highlighted a number of issues regarding the PFI tendering process (HCP 764, session 2002-03, ISBN 9780215011244). This report re-examines the tendering and benchmarking in PFI, finding that the Treasury had done little to apply what it had learned from the large number of PFI deals signed; that there has been no improvement in tendering times and significant risks to value for money continue to be taken when public authorities make late changes to deals. The Committee has set out 7 conclusions and recommendations, including: that since 2004, the proportion of deals attracting only two bidders has more than doubled with the risk of no competition; one third of public sector teams made changes to PFI projects after they had selected a single, preferred bidder; benchmarking and market testing have increased prices by up to 14%; public authorities have found it difficult to find appropriate data to benchmark PFI service costs; there is evidence that public authorities, faced with price increases have had to cut back services in hospitals, including portering, to keep contracts affordable; that there is a continuing lack of PFI experience and skills within public procurement teams.
The report examines the nature of risks and uncertainty associated with different types of public-private partnership projects and the practical consequences of transferring risks to private partners.
A distinctive new account of why markets focus on short-term goals, while government needs to concentrate on society's long-term interests.
This book of essays celebrates Mark Aronson's contribution to administrative law. As joint author of the leading Australian text on judicial review of administrative action, Aronson's work is well-known to public lawyers throughout the common law world and this is reflected in the list of contributors from the US, Canada, Australia, New Zealand and the UK. The introduction comes from Justice Michael Kirby of the High Court of Australia. The essays reflect Aronson's interests in judicial review, non-judicial grievance mechanisms, problems of proof and evidence, and the boundaries of public and private law. Amongst the contributors, Peter Cane, Elizabeth Fisher, and Linda Pearson write on administrative adjudication and decision-making, Anita Stuhmcke writes on Ombudsmen, and Robin Creyke and John McMillan, the Commonwealth Ombudsman, write on charters, codes and 'soft law'. There are evaluations of the profound influence of human rights law on judicial review from the UK by Sir Jack Beatson and Thomas Poole and from Canada by David Mullan. Matthew Groves and Chief Justice James Spigelman address developing themes in judicial review, while Carol Harlow, Richard Rawlings, Michael Taggart and Janet McLean follow Aronson's interests into the private side of public law. An American perspective is added by Alfred Aman and Jack Beermann.
This book assesses the extent to which British news organizations gave exposure and credence to different political interpretations of economics and business news in the decade before the 2008 Financial Crisis. Through the content analysis of some 1,600 news items, this study provides compelling empirical evidence to inform often theoretical debates about neoliberal assumptions in the media. In each of the three pre-2008 case studies – economic globalization, private finance and public services, and Tesco – Merrill finds that the Telegraph, The Times, the Sunday Times and, to varying extents, the Guardian-Observer and the BBC gave limited exposure and credence to ideas from the left of the political spectrum. As such, he builds an important comparative picture of economic, business and financial journalism in the period before the defining event of the decade, the effects of which continue to resonate.