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  5. PFI: The STEPS Deal

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    Sir John Bourn, head of the National Audit Office today reported to Parliament on the £1.5 billion Strategic Transfer of the Estate to the Private Sector (STEPS) PFI deal entered into by Inland Revenue and Customs and Excise with a private sector consortium known as Mapeley STEPS. The deal incorporates the transfer of the ownership […]

  6. Radiocommunications Agency : The Auction of Radio Spectrum for the Third Generation of Mobile Telephones

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    The £22.5 billion auction of radio spectrum for the third generation of mobile telephones was well designed and efficient, Sir John Bourn, head of the National Audit Office, told Parliament today. Key success factors were that the Radiocommunications Agency marketed the opportunity and consulted the Industry extensively before the auction, rehearsed it, managed the bidding […]

  7. Examining the value for money of deals under the Private Finance Initiative

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    Sir John Bourn, head of the National Audit Office, provided Parliament today with a ground breaking report explaining the National Audit Office’s approach to examining the value for money of deals under the Private Finance Initiative (PFI). Having already published eight reports on major privately financed projects Sir John said the time was now right […]

  9. The Refinancing of the Norfolk and Norwich PFI Hospital: How the deal can be viewed in the light of the refinancing

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    Sir John Bourn, head of the NAO, today reported that, following improvements in PFI financing terms, the Norfolk and Norwich University Hospital NHS Trust has shared in the gains from a refinancing of its early PFI hospital contract, but it continues to pay a premium in respect of the financing costs compared to current deals. […]

  10. The Private Finance Initiative: The Contract for the Defence Fixed Telecommunications System

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    The Ministry of Defence achieved a good price when they awarded the contract for a new Defence Fixed Telecommunication System to BT in 1997, Sir John Bourn, head of the National Audit Office, told Parliament today. The ten year contract let under the Private Finance Initiative (PFI) is expected to cost £612 million with a […]

  11. Innovation in PFI Financing: The Treasury Building Project

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    Sir John Bourn, Head of the National Audit Office, told Parliament today that the funding competition used to finance the refurbishment of the Treasury building in Whitehall saved the taxpayer £13 million. The competition resulted in savings of 7% of the cost of the deal over the lifetime of the project and assisted greatly in […]

  12. PFI: Construction Performance

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    Most construction work under the Private Finance Initiative (PFI) is being delivered on time and at the cost expected by the public sector. Central government has generally obtained a much higher degree of price certainty and timely delivery of good quality built assets, compared to previous conventional government building projects, Sir John Bourn, Head of […]

  13. The PFI Contract for the redevelopment of West Middlesex University Hospital

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    The redevelopment of the West Middlesex hospital should assist the NHS in delivering modern, high quality healthcare in London, Sir John Bourn, Head of the National Audit Office reported to Parliament today. As a result of letting a 35 year PFI contract with a net present value of £125 million to the Bywest consortium, the […]

  14. The Operational Performance of PFI Prisons

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    Sir John Bourn, head of the National Audit Office, reported to Parliament today that the seven operational PFI prisons are bringing benefits to the Prison Service. One of the key benefits is that the existence of PFI prisons has encouraged the public sector to improve its performance. For instance, Prison Service management teams have recently […]

  15. The Department for Culture, Media and Sport: The Re-negotiation of the PFI-type Deal for the Royal Armouries Museum in Leeds

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    Sir John Bourn, head of the National Audit Office, reported to Parliament today that the Royal Armouries* in July 1999 successfully negotiated a revised deal with Royal Armouries (International) plc** (“RAI”) which ensured that the Royal Armouries Museum in Leeds remained open. The revised deal has also made it possible for the future redevelopment of […]

  16. Public Audit Forum performance indicators

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    In 2007, the five UK audit agencies jointly launched a set of indicators for each of five corporate service activities – estates management, finance, human resources, ICT, and procurement. Two further services were subsequently added – communications and legal.

  17. Department of Trade and Industry: The Acquisition of German Parcel

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    The Department of Trade & Industry (the DTI)’s approach to the Post Office’s purchase of German Parcel for £289 million was reasonable under the circumstances, Sir John Bourn, head of the National Audit Office, reported to Parliament today. The Post Office wanted to buy German Parcel and the DTI had the responsibility for overseeing the […]

  18. Regulating Housing Associations’ Management of Financial Risk

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    The housing association sector and the Housing Corporation, the sector’s regulator, are facing new and more complex financial risks, according to the National Audit Office. The Housing Corporation has started to reform the way in which it regulates associations, known as Registered Social Landlords (RSLs), but there is scope to improve regulation further. According to […]