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  1. Thames Tideway Tunnel: early review of potential risks to value for money

    Report Value for money

    Published on:

    The Thames Tideway Tunnel is a planned project to build a large sewer running under the River Thames. It is the Government’s preferred solution to the problem of spills from London’s sewers into the tidal part of the Thames. In response to correspondence, we explain the roles of the different parties, identify potential risks to value for money and set out what we expect good project management to look like. To avoid influencing the outcome of ongoing competitions for the construction and financing of the project, we do not evaluate the value for money of the project and the issues raised do not imply any audit judgement about its performance.

  2. Savings from operational PFI contracts

    Report Value for money

    Published on:

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

  3. Equity investment in privately financed projects

    Report Value for money

    Published on:

    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.

  4. Lessons from PFI and other projects

    Report Value for money

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    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.

  6. Private Finance Projects

    Report Value for money

    Published on:

    This paper has been prepared for the House of Lords Economic Affairs Committee to support their inquiry on Private Finance.

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

    Report Value for money

    Published on:

    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.

  8. Managing flood risk

    Press release

    Published on:

    This report evaluates whether government’s approach to managing the risks of flooding and coastal erosion is achieving value for money.

  11. PFI and PF2

    Press release

    Published on:

    A briefing on the rationale, costs and benefits of the Private Finance Initiative; the use of and impact of PFI, and ability to make savings from operational contracts; and the introduction of PF2. There are currently over 700 operational PFI and PF2 deals, with a capital value of around £60 billion and annual charges for these deals amounted to £10.3 billion in 2016-17. Even if no new deals are entered into, future charges which continue until the 2040s amount to £199 billion.

    18 January 2018

  12. The Green Investment Bank

    Press release

    Published on:

    This examines whether the Department for Business, Energy & Industrial Strategy has achieved the objectives of the UK Green Investment Bank intervention, and whether UK Government Investments has achieved value for money in the subsequent sale of the Bank.

  13. Review of the Thames Tideway Tunnel

    Press release

    Published on:

    This report examines the evidence base supporting the decision to proceed with the Thames Tideway Tunnel, a tunnel running 25 kilometres from Acton to Abbey Mills, as well as progress achieved to date.

  14. Hinkley Point C

    Press release

    Published on:

    The Department has committed electricity consumers and taxpayers to a high cost and risky deal in a changing energy marketplace. We cannot say the Department has maximised the chances that it will achieve value for money.