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Private Finance

The NAO's Private Finance team has produced over 80 reports (since 1997) scrutinising activities including Private Finance Initiatives (PFIs) and Public Private Partnerships (PPPs), privatisations and acquisitions. The reports cover individual deals and programmes and thematic issues such as financing and tendering.

The team has also explored good practice through events, including an annual conference, workshops and regular meetings with stakeholders.

Showing 1 - 10 of 69 results. Order by: Most recent Alphabetical

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Review of the VFM assessment process for PFI

The Treasury Committee asked the National Audit Office to undertake an analysis of the VFM assessment process and model for PFI. The assessment process combines a quantitative and qualitative approach to VFM appraisal. Our review focused, primarily, on the use of the financial model in the VFM assessment process and was submitted to the Treasury Committee as part of their inquiry into PF2.

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Published:
10 Apr 2014

Money

Savings from operational PFI contracts

Progress on the Government’s initiative to achieve £1.5 billion worth of savings from operational PFI contracts.

Sector(s):

Published:
29 Nov 2013

Image of a pencil drawing a graph

Equity investment in privately financed projects

Equity investors have helped to deliver many public sector infrastructure projects via the Private Finance Initiative and have managed them in ways from which the public sector can learn. Against a background of limited information, evidence gathered by the National Audit Office raises concern that the public sector is paying more than it should for equity investment.

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Published:
10 Feb 2012

Stack of coins

Lessons from PFI and other projects

Lessons from the large body of experience of using PFI can be applied to improve other forms of procurement. Government should also do more to act as an ‘intelligent customer’ in the procurement and management of projects.

Sector(s):

Published:
28 Apr 2011

HM Treasury building

Financing PFI projects in the credit crisis and the Treasury’s response

By setting up an Infrastructure Financing Unit, Treasury helped reactivate the lending market for private finance projects. While the costs for projects in 2009 represented value for money, Treasury should not presume that continuing the use of private finance at current rates will be value for money.

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Published:
27 Jul 2010

Houses built under PFI

PFI in housing

The use of PFI by local authorities to improve housing, usually in areas with a high need for housing and where stock condition is particularly poor, has had a measure of success. However, risks to value for money of the programme have not been managed.

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Published:
25 Jun 2010

Security guard in hospital

The performance and management of hospital PFI contracts

Most PFI hospital contracts are well-managed and the evidence indicates that they are currently achieving the value for money expected when the contracts were signed. There continue to be risks, however, to the long-term value for money of these contracts.

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Published:
17 Jun 2010

Tanker aircraft

Ministry of Defence: Delivering multi-role tanker aircraft capability

“Shortcomings in the early stages of the project put the MOD in a position where the operational pressures of an aging fleet and the need to maintain the vital air bridge restricted its ability to deliver a solution which achieved value for money.

 

“Despite taking five years longer than planned to sign a contract, the MOD’s progress in delivering the Future Strategic Tanker Aircraft project has improved since contract signature, and the project is meeting its delivery milestones. But there is more work for the MOD and its suppliers to do to get the best out of the deal.” 

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Published:
30 Mar 2010

NAO logo

Managing complex capital investment programmes utilising private finance

We have published this model to provide guidance to Departments on HMT’s and NAO’s expectations of how they should manage their programmes involving PPP and PFI projects.

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Performance Improvement area(s):

Published:
1 Mar 2010

Image of power station

The sale of the Government’s interest in British Energy

“The Government sold its stake in British Energy when energy prices were at a peak, and got a good price. The biggest priority for the Government was, however, to ensure new nuclear power stations could be built from the earliest possible date and with no public subsidy. Whether it will achieve this remains to be seen. The Department of Energy and Climate Change now needs to make real progress on its contingency plans should EDF be unwilling to build new nuclear power stations.”

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Published:
22 Jan 2010

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