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Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102969672
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Lessons from the experience of using PFI can be applied to improve other forms of procurement and help Government achieve its aim of securing annual infrastructure delivery cost savings of £2 billion to £3 billion. To secure the best value for money from all types of procurement, the public sector needs to develop skills the NAO has identified. These are collecting better data to inform decision-making; ensuring projects have the right skills; establishing effective arrangements to test, challenge and, if necessary, stop projects; and using commercial awareness to obtain better deals. The case for using private finance in public procurement needs to be challenged more. Also, privately financed projects will often still be off balance-sheet which may continue to act as an incentive to use PFI. There has not been a systematic value for money evaluation of operational PFI projects by departments. So there is insufficient data to demonstrate whether the use of private finance has led to better or worse value for money than other forms of procurement. The Treasury and departments should identify alternative methods for delivering infrastructure and related facilities services to maximise value for money for government. The NAO welcomes the current plans of the Treasury and Cabinet Office to strengthen project assurance. The report highlights the need for independent challenge capable of stopping projects which do not give the prospect of value for money. This is particularly important as there is still a shortage of the skills needed to manage and oversee complex major projects.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102969672
Category : Business & Economics
Languages : en
Pages : 36
Get Book Here
Book Description
Lessons from the experience of using PFI can be applied to improve other forms of procurement and help Government achieve its aim of securing annual infrastructure delivery cost savings of £2 billion to £3 billion. To secure the best value for money from all types of procurement, the public sector needs to develop skills the NAO has identified. These are collecting better data to inform decision-making; ensuring projects have the right skills; establishing effective arrangements to test, challenge and, if necessary, stop projects; and using commercial awareness to obtain better deals. The case for using private finance in public procurement needs to be challenged more. Also, privately financed projects will often still be off balance-sheet which may continue to act as an incentive to use PFI. There has not been a systematic value for money evaluation of operational PFI projects by departments. So there is insufficient data to demonstrate whether the use of private finance has led to better or worse value for money than other forms of procurement. The Treasury and departments should identify alternative methods for delivering infrastructure and related facilities services to maximise value for money for government. The NAO welcomes the current plans of the Treasury and Cabinet Office to strengthen project assurance. The report highlights the need for independent challenge capable of stopping projects which do not give the prospect of value for money. This is particularly important as there is still a shortage of the skills needed to manage and oversee complex major projects.
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: Manal Fouad
Publisher: International Monetary Fund
ISBN: 1513576569
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
Author: Bent Flyvbjerg
Publisher: Oxford University Press
ISBN: 0198732244
Category : Business & Economics
Languages : en
Pages : 625
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Book Description
This Handbook provides state-of-the-art scholarship in the emerging field of megaproject management. The 25 chapters cover all aspects of megaproject management, from front-end planning to project delivery, including how to deal with stakeholders, risk, finance, complexity, innovation, governance, ethics, project breakdowns, and scale itself.
Author: E. R. Yescombe
Publisher: Butterworth-Heinemann
ISBN: 0081007671
Category : Business & Economics
Languages : en
Pages : 549
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Book Description
Public-Private Partnerships for Infrastructure - Principles of Policy and Finance, Second Edition explains how public private partnerships are prepared, procured, financed, and managed from both the public- and private-sector perspectives. As the use of public private partnerships continues to develop world-wide, both in the area of public policy and private financing and contracting, the Second Edition of this leading textbook: - Captures and explains the latest approaches, providing a comprehensive all-round guide for those on both the public- and private-sector sides of the table - Emphasises a step-by-step approach within a comprehensive, cross-referenced format - Includes clear explanations of PPP evaluation, structuring and financing concepts for the benefit of those new to the topic: no prior knowledge is assumed or required - Provides detailed reference points for more experienced practitioners - Draws from the authors' experience and practice in PPP markets worldwide to provide a perspective on practical application of the key underlying principles - Includes an extensive glossary of technical and financial terms used in the PPP sector - Includes more technical information and a stronger legal perspective than other books - Emphasizes a step-by-step approach within a comprehensive, cross-referenced format - Expands and updates the historical backgrounds and political contexts of public-private partnerships
Author: Great Britain: Home Office
Publisher: The Stationery Office
ISBN: 9780101829229
Category : Political Science
Languages : en
Pages : 64
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Book Description
Response to HC 1456 (ISBN 9780215040169)
Author: Great Britain. National Audit Office
Publisher:
ISBN: 9780102920147
Category : Construction contracts
Languages : en
Pages : 22
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Book Description
The private finance initiative is helping to improve the quality of public sector construction work, according to the National Audit Office. Better price certainty and on-time delivery of good quality assets have been obtained by using PFI contracts. Only 22 per cent of public building projects had exceeded the cost initially expected by the public sector. Under previous contracts up to 73 per cent had overshot the original estimate. Only eight per cent of projects were delayed by more than two months. Public sector project managers were generally satisfied with the design, construction and performance of their PFI buildings. However, NAO did not try to judge whether PFI was the best procurement method for all public sector construction projects.
Author: Carol Harlow
Publisher: Cambridge University Press
ISBN: 1107149843
Category : Law
Languages : en
Pages : 957
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Book Description
Contains a full account of administrative law in the context of social, political and economic forces shaping the law.
Author: Graeme A. Hodge
Publisher: Edward Elgar Publishing
ISBN: 1784716693
Category : Electronic books
Languages : en
Pages : 305
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Book Description
This book examines Public–Private Partnerships (PPP), and tracks the movement from early technical optimism to the reality of PPP as a phenomenon in the political economy. Today's economic turbulence sees many PPP assumptions changed: what contracts can achieve, who bears the real risks, where governments get advice and who invests. As the gap between infrastructure needs and available financing widens, governments and businesses both must seek new ways to make contemporary PPP approaches work.
Author: Mike Raco
Publisher: Routledge
ISBN: 1317050223
Category : Political Science
Languages : en
Pages : 239
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Book Description
For decades now we have been told that we are living through a governance revolution. Gone are the days when government agencies and bureaucrats told us what to do and how to do it. We are no longer clients of the state but empowered citizens who are able to take greater control over our own lives and the activities of those who govern in our name. Across the world the prevailing narrative has become one of Good Governance, devolution, liberation, and freedom of expression. In policy fields as diverse as development planning, healthcare, and public transport a neo-pluralist rhetoric has emerged based on the principles of ’co-production’ and partnership working. And yet at the same time a curious paradox is emerging. Whilst the prevailing zeitgeist is one of openness and citizen empowerment, this book will show that in reality new modes of governance are emerging in which state controls have actually been expanded into many spheres of life that were previously left unregulated. For some a new political economy of ’regulatory capitalism’ has emerged and this, in turn, has ushered in unprecedented forms of state-led privatisation under which democratically-elected politicians have voluntarily handed over their powers, responsibilities, and resources to new corporate elites who promise to deliver services in more efficient and equitable ways. As the discussion will show, in reality the rhetoric of Good Governance has, therefore, been used to legitimate the wholesale transfer of welfare assets and services beyond the democratic control of state actors and the citizens that they represent. Privatisation has become a new utopianism that involves a revolution in ways of thinking about democracy, governance, and urban management, the implications of which will be felt by current and future generations.
