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Report cover showing many aspects of PFI

Update on PFI debt refinancing and the PFI equity market

“This report gives an update on how much money the public sector has recouped from PFI debt refinancings which I am pleased to say resulted from work carried out by the NAO and the Public Accounts Committee. The public sector is also being more cautious about entering into refinancing deals after the NAO highlighted the risks that can attach to these transactions.
We will continue to monitor future developments in the PFI debt and equity markets including the trends in financing costs as these are an important component of all PFI deals. More information on PFI investors’ costs and benefits will assist an understanding of how the market is functioning”

Published:
21 Apr 2006
Report cover showing a HM treasury publication

The Wider Markets Initiative

“Wider Markets projects should be seen as part and parcel of good asset management in the public sector. They offer the prospect of better public services at a lower overall cost. Many government departments have not done enough to look for such opportunities and so cannot be sure that they are fulfilling their responsibilities to provide value for money to the taxpayer.”

Published:
27 Jan 2006
Report cover showing an aerial view of the progress of the channel tunnel

Progress on the Channel Tunnel Rail Link

The National Audit Office’s report finds that London & Continental Railways (LCR) successfully completed the construction of Section 1 of the Channel Tunnel Rail Link (CTRL) on time and at a cost slightly below the target set in the 1998 restructuring. Drawing on the reasons for this achievement, the NAO report highlights lessons for other … Read more

Published:
21 Jul 2005
Report cover showing Norfolk and Norwich hospital

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

“I have decided to produce a report for Parliament as the issues raised by this case have wider interest in considering how the pricing of PFI deals may change over time. In this case, the Trust continues to pay a premium on its financing costs for being an early entrant into the PFI market whilst benefiting from the early use of the new hospital and lower construction costs. But other factors may affect price comparisons over time and further analysis of price movements would be valuable.”

Published:
10 Jun 2005
Report cover showing people working in the NHS

Department of Health – Innovation in the NHS: Local Improvement Finance Trusts

“I welcome LIFT as an attractive new way of improving primary health and social care facilities. This is an excellent example of a department doing something different and new to come up with an effective solution to an established problem. I fully support this kind of innovation and the department must carefully evaluate this initiative so that all of government, and especially Building Schools for the Future, a similar initiative, can benefit from the lessons that arise.”

Published:
19 May 2005
Report cover showing doctor and boy

Darent Valley Hospital: The PFI contract in action

“My 50th PFI/PPP report continues our current strategy of reporting on how PFI projects are working out. I am pleased to be able to report on the successful delivery of the Darent Valley PFI hospital but this early PFI deal highlights that there are important issues to manage once the operational phase is under way. In particular, although refinancing may offer attractive benefits to the public sector it may also present new risks which authorities need to fully assess before agreeing to the refinancing.”

Published:
10 Feb 2005
Cover of report showing tube train pulling into platform

London Underground PPP: Were they good deals?

“These are complicated deals, worth a great amount of money and spanning a long period into the future. I welcome the fact that there are prospects for improvement to the Tube. But in the face of the inevitable uncertainty about what the next 30 years will bring, only time will tell whether these prospects are fully realised and, therefore, whether the eventual price that the taxpayer pays is worth it.”

Published:
17 Jun 2004