The Inland Revenue, when required to make major enhancements to its national insurance computer system (NIRS 2) to accommodate significant legislative changes, decided to award a contract extension to Accenture, its existing supplier. And, according to a report from the National Audit Office, published today, the contract extension: offered better value for money than the […]
Sir John Bourn, head of the National Audit Office, reported to Parliament today that the new Laganside Courts complex in Belfast, opened in February 2002, is delivering significant benefits. The combination of Crown, County and Magistrates’ Courts has improved upon the previously dissipated nature of court provision in Belfast. Initial reactions from court users have […]
All three projects examined by the NAO have experienced significant delays stemming from a range of problems.
This report examines how PFI performs to contracted timetable and to price.
The Trust board’s poor financial management and procurement of an unaffordable PFI scheme have left the Trust in a critical financial position.
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
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
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 public sector now has the prospect of securing a bigger share of the gains arising from the refinancing of PFI projects, under new arrangements introduced by the Office of Government Commerce (OGC). The OGC negotiated these measures with the private sector following earlier concerns of the National Audit Office and Public Accounts Committee (PAC) […]
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 […]
Sir John Bourn, head of the National Audit Office, told Parliament today that the Home Office will get what it wants at a good price from the PFI deal to provide serviced headquarters accommodation for 3450 Home Office and Prison Service staff, but risks remain. The Home Office is due to move into the new […]
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 […]
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.
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.
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.
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.
Sir John Bourn, Head of the National Audit Office told parliament today that a new radio system for the police, Airwave, could deliver considerable benefits. For instance, Airwave will give a clear digital voice service and offers the possibility of data transmissions and remote access to police computers. The service, procured under the PFI by […]
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.
Progress on the Government’s initiative to achieve £1.5 billion worth of savings from operational PFI contracts.