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Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215561206
Category : Business & Economics
Languages : en
Pages : 120
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Book Description
The Treasury Committee concludes that Private Finance Initiative (PFI) funding for new infrastructure, such as schools and hospitals, does not provide taxpayers with good value for money and stricter criteria should be introduced to govern its use. Higher borrowing costs since the credit crisis mean that PFI is now an extremely inefficient method of financing projects. Poor investment decisions may continue to be encouraged across the public sector, however, because PFI allows Government departments and public bodies to make big capital investments without committing large sums up front. There is no convincing evidence that savings and efficiencies during the lifetime of PFI projects offset the higher cost of finance. The current Value for Money appraisal system may be biased to favour PFIs and there are problems with the way costs and benefits for such projects are currently calculated. Investment could be increased in the long run if government capital investment were used instead of PFI. Paying off a PFI debt of £1bn may cost taxpayers the same as paying off a direct government debt of £1.7bn. Recommendations include: the Treasury should consider scoring most PFIs in departmental budgets in the same way as direct capital expenditure; the Treasury should discuss with the OBR the treatment of PFI to ensure that PFI cannot be used to 'game' the fiscal rules; the Value for Money assessment process should be subjected to scrutiny by the NAO; the Treasury should review the way in which risk transfer is identified.
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215561206
Category : Business & Economics
Languages : en
Pages : 120
Get Book Here
Book Description
The Treasury Committee concludes that Private Finance Initiative (PFI) funding for new infrastructure, such as schools and hospitals, does not provide taxpayers with good value for money and stricter criteria should be introduced to govern its use. Higher borrowing costs since the credit crisis mean that PFI is now an extremely inefficient method of financing projects. Poor investment decisions may continue to be encouraged across the public sector, however, because PFI allows Government departments and public bodies to make big capital investments without committing large sums up front. There is no convincing evidence that savings and efficiencies during the lifetime of PFI projects offset the higher cost of finance. The current Value for Money appraisal system may be biased to favour PFIs and there are problems with the way costs and benefits for such projects are currently calculated. Investment could be increased in the long run if government capital investment were used instead of PFI. Paying off a PFI debt of £1bn may cost taxpayers the same as paying off a direct government debt of £1.7bn. Recommendations include: the Treasury should consider scoring most PFIs in departmental budgets in the same way as direct capital expenditure; the Treasury should discuss with the OBR the treatment of PFI to ensure that PFI cannot be used to 'game' the fiscal rules; the Value for Money assessment process should be subjected to scrutiny by the NAO; the Treasury should review the way in which risk transfer is identified.
Author: Great Britain. Treasury
Publisher: The Stationery Office
ISBN: 9780102971293
Category : Political Science
Languages : en
Pages : 108
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Book Description
The reports published as HC 631 (ISBN 9780215555922); HC 632 (9780215555939); HC 574 (9780215556042); HC 552 (9780215556066); HC 502 (9780215556165)
Author: Avner Offer
Publisher: Cambridge University Press
ISBN: 1108496202
Category : Business & Economics
Languages : en
Pages : 243
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Book Description
A distinctive new account of why markets focus on short-term goals, while government needs to concentrate on society's long-term interests.
Author: Nikiforos Meletiadis
Publisher: Routledge
ISBN: 0429821808
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
Annually, the government commits significant expenditure to a type of public contracts which are known as Public-Private Partnerships (PPPs) or the Private Finance Initiative (PFI). These contracts bind the public purse for decades in sectors such as Health, Defence and Detention, and involve the assignment of a significant role to the private sector in the provision of public services. This book explores the controversial subject of the public accountability of these contracts, and the corresponding large sums of public money involved. It explains how public accountability works for PPPs and the PFI, and it argues that it should be provided as part of the Economic Constitution. Drawing comparative understandings from the UK and the USA constitutional legal traditions, the book investigates public accountability from the perspective of the Economic Constitution, focusing on three accountability criteria - legal, accounting and administrative. In doing so, it provides an analysis which informs both from the perspective of academic research and from that of legal and consulting practice.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215556851
Category : Medical
Languages : en
Pages : 44
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Book Description
Government spending on the NHS has increased by 70%, from £60 billion in 2000-01 to £102 billion in 2010-11., with around 40% spent on services provided by acute and foundation hospitals. There have been significant improvements in the performance of the NHS, particularly in those areas targeted by the Department of Health (the Department) such as hospital waiting times and outcomes for patients with cancer and coronary heart disease. But productivity has actually fallen over the last decade. The Office for National Statistics estimates that, since 2000, total NHS productivity fell by an average of 0.2% a year, and by an average of 1.4% a year in hospitals. The trend of falling productivity will need to be reversed if the NHS is to meet the Department's productivity challenge, to deliver up to £20 billion of efficiency savings a year, by 2014-15, without compromising services. The Payment by Results approach (a tariff for procedures) has driven some improvements, but it only covers 60% of hospital activity and there is substantial variation in hospital costs and activity. The tariff system could, though, prioritise price over quality. National pay contracts have not yet been used to manage staff performance effectively, and consultants' productivity has fallen at the same time as they have had significant pay rises. There are risks to the NHS being able to deliver up to £20 billion savings annually, for reinvestment in healthcare, alongside implementing a substantial agenda of reform. Productivity improvements will be key to delivering these savings.
Author: M. Burton
Publisher: Springer
ISBN: 1137316241
Category : Political Science
Languages : en
Pages : 276
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Book Description
The first comprehensive 'bird's eye' account of public sector reform supported by references from over 400 official sources, this book is an invaluable guide to all those in the public, private and voluntary sectors grappling with the twin challenges of managing public spending austerity and the pressure in response to transform public services.
Author: Pam Edwards
Publisher:
ISBN: 9781859084052
Category : Hospitals
Languages : en
Pages : 236
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Book Description
Author: Great Britain: Parliament: House of Lords: Select Committee on Economic Affairs
Publisher: The Stationery Office
ISBN: 9780108459634
Category : Business & Economics
Languages : en
Pages : 330
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Book Description
A report that recommends a reform of the way, financial liabilities arising from private finance projects (PFPs) are treated in public accounts. It also deals with the growth in the secondary market for PFPs where investors sell on their stake in a project, in many cases once the construction period of that project has been completed.
Author: Jill Morgan
Publisher: Taylor & Francis
ISBN: 1000159361
Category : History
Languages : en
Pages : 538
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Book Description
Aspects of Housing Law provides a comprehensive, up-to-date and readable account of what is often regarded as a complex and technical area of the law. It is essential reading for students of housing law and those taking courses in housing studies. With comprehensive coverage of all areas covered in an undergraduate course on housing, this concise and clear text covers: homelessness owner-occupation regulation of rents repairs and disrepair succession to tenancies private rented sector social housing anti-social behaviour.
Author: Tony Prosser
Publisher:
ISBN: 0199644535
Category : Law
Languages : en
Pages : 296
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Book Description
There has been little analysis of the constitutional framework for management of the UK economy, either in constitutional law or regulatory studies. This is in contrast to many other countries where the concept of an 'economic constitution' is well established, as it is in the law of the European Union. Given the extensive role of the state in attempting to resolve recent financial crises in the UK and elsewhere in Europe, it is particularly important to develop such an analysis. This book sets out different meanings of an economic constitution, and applies them to key areas of economic management, including taxation and public borrowing, the management of public spending, (including the Spending Review), monetary policy, financial services regulation, industrial policy (including state shareholdings) and government contracting. It analyses the key institutions involved such as the Treasury and the Bank of England, also including a number of less well-known bodies such as the Office for Budget Responsibility. There is also coverage of the international context in which these institutions operate especially the European Union and the World Trade Organisation. It thus provides an account of the public law applying to economic management in the UK. This book also adopts a critical approach, assessing the degree to which there is coherence in the arrangements for economic management, the degree to which economic policy-making is constrained by constitutional norms, and the degree to which economic management is subject to deliberation and accountability through Parliament, the courts and other institutions.
