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Bridge and view of the Thames

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

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.

Published:
5 Jun 2014
National Audit Office logo

Review of the VFM assessment process for PFI

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.

Published:
10 Apr 2014
A pencil drawing a graph

Equity investment in privately financed projects

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.

Published:
10 Feb 2012