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.
The National Audit Office has concluded that the public support provided to UK banks by the Treasury was justified, given the scale of the economic and social costs if one or more major banks had collapsed. In providing that support, moreover, the Treasury met two of the government’s principal objectives: protecting depositors’ money in banks and […]
This investigation examines Greensill Capital’s involvement in the provision of two schemes to the NHS.
The Government received a good price when selling its interest in British Energy. But it is too early to say whether the sale will enable the Government to achieve its strategic objective of ensuring nuclear operators are able to build and operate new nuclear power stations from the earliest possible date and with no public […]
The National Audit Office has been unable to conclude that the Ministry of Defence has achieved value for money from the procurement phase of its £10.5 billion private finance deal for the Future Strategic Tanker Aircraft (FSTA), according to a report released today. Despite managing the later stages of the procurement well, the MOD’s ability […]
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.
This report looks at the set-up of the UK infrastructure Bank, including HM Treasury’s planning before launch.
This current best practice model sets out six functions used to manage complex capital investment programmes, the tasks associated with each, what good looks like, and case studies of how Departments are currently implementing them.
This investigation looks at the British Business Bank’s approval of Greensill Capital’s access to government business support schemes.
The National Audit Office and Her Majesty’s Inspectorate of Constabulary have jointly produced a practical guide on procuring and managing partnerships with the private sector.
Under the Scheme, the Treasury guarantees that lenders to infrastructure projects will be repaid in full and on time, irrespective of project performance. The NAO is calling for the Treasury to be rigorous and objective in assessing whether the guarantees, which transfer risk to the public sector, are genuinely needed.
The O2, a central part of plans to regenerate the Greenwich Peninsula, opened on time in June 2007 and has become a highly successful entertainment venue which has boosted local employment. According to the National Audit Office, however, housing development on the rest of the Peninsula is taking longer than originally expected, and financial returns […]
An update report by the NAO identifies that the government has secured gains of £137 million from PFI debt refinancings under new arrangements introduced by the Treasury in 2002. These new arrangements followed previous reports by the NAO and the Public Accounts Committee that highlighted the opportunities for the private sector to benefit from refinancing […]
Most Ministry of Defence projects funded by PFI deals are delivered satisfactorily, on time and on budget. In six of the eight projects examined by the NAO, the Department has generally achieved value for money through effective allocation and management of risks. Failures to identify and manage risks reduced the value for money achieved from […]
The Ministry of Defence’s privatisation of the defence technology business QinetiQ safeguarded the viability of a business of national strategic importance and generated significant proceeds for the taxpayer. However, the NAO believes the taxpayer could have received more money from the deal. Risks remain which the MoD must manage carefully if long term value for […]
This report provides information on managing PFI contracts when they end and considers whether government is preparing for expiry appropriately.
Large-scale infrastructure spending by the private sector over ten years or more will increase consumer utility bills but government and regulators do not know by how much or whether the bills will be affordable.
Under the management of the Department for Transport, the process for awarding passenger Rail Franchises in England and Wales has delivered better value for money, with subsidies expected to fall. But some fares will rise above inflation and crowding for many commuters will increase in the short term until investment delivers more carrying capacity. Today’s […]
Sir John Bourn, the head of the National Audit Office, reported to Parliament today on the cancellation of the Paddington Health Campus scheme in June 2005 at a cost of £15 million. The scheme was a complex and ambitious attempt to build a world-class healthcare facility and ultimately proved to be beyond the capacity of […]