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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
Report cover showing GCHQ

Government Communications Headquarters (GCHQ): New Accommodation Programme

“When a Government Department is considering major investment in new accommodation, the full scope of the requirement really must be properly defined from the outset. In this case GCHQ failed to consider all the implications of the fact that it was relocating its entire business capability to a new building and that transition of its computer systems to the new premises was a major factor.

“However, other Government Departments might learn lessons from the way that GCHQ developed its programme management arrangements for this major hybrid change programme. Departments should follow best practice and should especially focus on introducing programme management procedures to identify, plan and then deliver all the benefits attainable from their PFI programmes.”

Published:
16 Jul 2003
staircase symbolising HMRC estate

HM Revenue & Customs’ estate private finance deal eight years on

“This major contract has been significantly affected, for the contractor Mapeley in particular, by the current economic climate. Mapeley benefited when the property market was expanding but the economic downturn has made the contract more onerous. HMRC must take a significantly more astute commercial approach if it is to deliver value for money for the taxpayer.”

Published:
3 Dec 2009
Cover of improving public transport through light rail report

Improving public transport in England through light rail

Modern light rail systems, such as Croydon Tramlink and Manchester Metrolink, have brought significant benefits to passengers, according to a report Parliament by the head of the National Audit Office, Sir John Bourn. They deliver fast, frequent and reliable services and provide a comfortable and safe journey. Their modern look and attractive services have enhanced … Read more

Published:
23 Apr 2004