Search results for 'PFI'

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  1. Military flying training

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    The new military flying training is 6 years delayed and there is much to do if the MoD is to get the planned benefits from its contractor.

  3. Allocation and management of risk in Ministry of Defence PFI projects

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    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 […]

  4. Department for Environment, Food and Rural Affairs: Managing the waste PFI programme

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    The Department for Environment, Food and Rural Affairs has recently made considerable progress in increasing the number and size of local authority projects to procure new waste treatment facilities under the Private Finance Initiative (PFI). But, according to a National Audit Office report today, the Department was initially too slow to respond to the 1999 […]

  6. Procurement of the M25 private finance contract

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    The Highways Agency’s PFI contract to widen the M25 could have been better value for money. The slowness with which it was taken forward resulted in higher financing costs, and the Agency was slow to investigate a potentially cheaper alternative to widening.

  8. Improving the PFI tendering process

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    The NAO has concluded in a new report published today that the tendering process for PFI projects needs improvement. During 2004-2006, PFI projects took an average of almost three years (34 months) to tender. Although there was substantial variation between sectors with schools, in particular, taking significantly less time to close deals (25 months), the […]

  9. Update on PFI debt refinancing and the PFI equity market

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    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 […]

  10. Private Finance Recommendations Database

    Report

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    Reports produced by the House of Commons’ Committee of Public Accounts (the PAC) following hearings based on our PFI and PPP investigations include nearly 1000 recommendations.

    We have collected these recommendations and the related Treasury responses into a PFI and PPP/Privatisation Recommendations database last updated: 19/06/2009.

  11. Progress in delivering the Thameslink programme

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    Thameslink aims to reduce overcrowding and journey times. Initial progress has been good but a 3 year delay in awarding the train contract puts the 2018 programme deadline at risk.

  13. Local authority capital expenditure and resourcing

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    Explore the trends in capital expenditure and resourcing since 2010-11 and build a richer understanding of what they mean for different local authorities.

  15. PFI and PF2

    Press release

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    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

  16. The Termination of the PFI Contract for the National Physical Laboratory

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    The Department for Trade and Industry successfully transferred risk in the PFI contract to build and manage new facilities for the National Physical Laboratory and protected the taxpayer from bearing the majority of the costs of the project’s problems. Delays during the construction of the new facilities meant that the DTI did not secure the […]

  17. Equity investment in privately financed projects

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    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.

  18. 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 […]

  19. Darent Valley Hospital: The PFI contract in action

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    Sir John Bourn delivered today the National Audit Office’s 50th PFI/PPP report to Parliament, an update report on the new Darent Valley hospital which, in 1997, had been the first hospital procured under the PFI. Sir John reported that the hospital had been successfully delivered and the Trust had received a reduction in the overall […]

  20. Ministry of Defence: Delivering multi-role tanker aircraft capability

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    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 […]