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Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102937575
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
Findings from this NAO report include that the government has secured gains of £137 million from Private Finance Initiative (PFI) debt refinancings under new arrangements introduced by the Treasury in 2002 (including £102 million from four large refinancings (one of the London Underground contracts and three hospital projects: Norfolk and Norwich, Darent Valley and Bromley). The NAO found that the new sharing arrangements through a voluntary Code appear to be generally working well but there have been exceptions, for example in three road projects the public sector missed out on at least £1.7 million because gains were not shared in accordance with the voluntary code. The report also describes the emergence of the PFI secondary market which is enabling equity investors in PFI projects to sell their shares on to new investors.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102937575
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
Findings from this NAO report include that the government has secured gains of £137 million from Private Finance Initiative (PFI) debt refinancings under new arrangements introduced by the Treasury in 2002 (including £102 million from four large refinancings (one of the London Underground contracts and three hospital projects: Norfolk and Norwich, Darent Valley and Bromley). The NAO found that the new sharing arrangements through a voluntary Code appear to be generally working well but there have been exceptions, for example in three road projects the public sector missed out on at least £1.7 million because gains were not shared in accordance with the voluntary code. The report also describes the emergence of the PFI secondary market which is enabling equity investors in PFI projects to sell their shares on to new investors.
Author: Great Britain. Parliament. House of Commons. Committee of Public Accounts
Publisher:
ISBN: 9780215034045
Category : Public welfare
Languages : en
Pages : 71
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Book Description
Government projects funded through private finance initiative (PFI) deals are generally financed through a mixture of debt finance (in the form of either bank or bond finance) and equity finance (where investors have shares in the project company which has been awarded the government contract). It is a normal feature of long term projects that there may be refinancing in the form of changes to the debt or equity finance during the life of the project. Following on from a NAO report on this topic (HCP 1040, session 2005-06; ISBN 9780102937572) published in April 2006, the Committee's report examines the PFI debt refinancing experience, the operation of the PFI equity market and the availability of financial information about PFI projects. In 2002, the government introduced arrangements for the private sector to share PFI debt refinancing gains with the public sector, with an expected return for the public sector of about £175 - £200 million from the voluntary sharing arrangements on early PFI deals. However, up to December 2006, the government had secured the right to gains of only £93 million, and some of these early refinancings have generated very high rates of return to the private sector investors and additional risks to the public sector in the form of higher termination liabilities and extended contract periods. In the PFI equity market there is a developing secondary market which enables investors to acquire shares in PFI projects which are already in progress and some investors are building up portfolios of PFI investments. There is no requirement for the gains on selling shares in PFI projects to be shared with the government.
Author: Eric Shaw
Publisher: Routledge
ISBN: 1134256248
Category : Political Science
Languages : en
Pages : 265
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Book Description
Based on extensive original research and interviews with a wide variety of key players, this is a compelling assessment of the Labour Party in power. Beginning with a detailed account of the development of New Labour, including the ideological tensions within the party, Eric Shaw provides a sophisticated analysis of the Labour Government during an unprecedented period of power. Offering the most detailed examination yet published of the actual performance of the party in several key social and economic policy areas, Losing Labour’s Soul? will be of enormous interest to students of British politics, labour history and party politics.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215037350
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Under the Private Finance Initiative (PFI) there are now 800 contracts with private sector suppliers for services worth in total £155 billion up to 2032. To achieve value for money, all stages of a project have to be managed effectively, including in the tendering process. The Committee, in a 2003 report highlighted a number of issues regarding the PFI tendering process (HCP 764, session 2002-03, ISBN 9780215011244). This report re-examines the tendering and benchmarking in PFI, finding that the Treasury had done little to apply what it had learned from the large number of PFI deals signed; that there has been no improvement in tendering times and significant risks to value for money continue to be taken when public authorities make late changes to deals. The Committee has set out 7 conclusions and recommendations, including: that since 2004, the proportion of deals attracting only two bidders has more than doubled with the risk of no competition; one third of public sector teams made changes to PFI projects after they had selected a single, preferred bidder; benchmarking and market testing have increased prices by up to 14%; public authorities have found it difficult to find appropriate data to benchmark PFI service costs; there is evidence that public authorities, faced with price increases have had to cut back services in hospitals, including portering, to keep contracts affordable; that there is a continuing lack of PFI experience and skills within public procurement teams.
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: Robert Bain, Etc
Publisher: Lulu.com
ISBN: 0956152708
Category : Business & Economics
Languages : en
Pages : 214
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Book Description
'Privately Financed Roads in Britain: A Policy Assessment' critically examines the role of private finance in the construction, operation, maintenance and management of modern highways. The focus is on the UK's Private Finance Initiative (PFI) yet many of the lessons learned retain a currency in the context of international public-private partnerships. Separate chapters cover: Public Policy Objectives; Key Project-Level Risks (construction and traffic); Value for Money and Public Sector Comparators; The Financial Architecture of Private Sector Road Operating Companies; Strengths and Weaknesses of the Privately-Financed Roads Model; Alternative Debt/Equity Structuring; and Containing Private Financing Costs.
Author: Mike Raco
Publisher: Routledge
ISBN: 1317050231
Category : Political Science
Languages : en
Pages : 224
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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.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215036155
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
This particular report follows on from an earlier NAO report on the same topic, see (HCP 255, 06/07 ISBN 9780102944518), published February 2007. The Shareholder Executive was established in 2003, to act as an effective owner of businesses that are owned or part-owned by government. It is now an operational group within the Department of Trade and Industry, with a portfolio covering 27 businesses and a combined turnover of £21 billion. The Committee notes that the role of the Executive marries both public and private objectives, setting out to both achieve public policy objectives through the most cost effective means and provide a satisfactory return on the public money invested through the shareholder value. The Committee states that the Executive has delivered value for the taxpayer by adopting a business criteria through a framework that sets out clear priorities for the businesses, alongside performance monitoring and, with management held to account for their delivery. The Committee sets out a number of conclusions and recommendations, including: that the Department of Trade & Industry is setting up a Board to provide direction and accountability for the Executive; that there should be a presumption that all government businesses come within the Executive's portfolio; that the Executive should market its services comprehensively and seek to be more visible across government; that the Executive should be given an explicit responsibility for advising sponsor departments on the investment needs of their businesses; that the performance management of the Executive needs to include wider measures that are based on the results of individual businesses; also, that the Executive needs sufficient pay flexibility to continue to recruit high calibre staff; that the Executive's responsibility for the postal services industry extends beyond shareholder value issues, and the Committee believes the Department should identify options for relieving the Executive of responsibility for Royal Mail policy; that the Executive should set business-level dividend targets, which take into account the risks faced by the business and the Executive should systematically undertake valuations of the businesses in its portfolio.
Author: S. Bastow
Publisher: Springer
ISBN: 1137289163
Category : Political Science
Languages : en
Pages : 465
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Book Description
Public policy systems often sustain chronic capacity stress (CCS) meaning they neither excel nor fail in what they do, but do both in ways that are somehow manageable and acceptable. This book is about one archetypal case of CCS – crowding in the British prison system – and how we need a more integrated theoretical understanding of its complexity.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215037152
Category : Science
Languages : en
Pages : 44
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Book Description
Government invests in a range of large scientific facilities to support and develop the nation's science base, with over £860 million allocated since 2000 to construct 10 new large scientific projects. These programmes include: a Diamond Synchrotron (costing £383 million) to produce intense X-rays and shorter wavelength emissions for examining structures at molecular and atomic level; a new research ship, RRS James Cook, to conduct oceanographic and marine studies (a budget of £40 million); and a new Antarctic research station (with a budget of £34.7 million) for monitoring climate, ozone and space weather. Following on from a NAO report on this topic (HCP 153, session 2006-07, ISBN 9780102944198) published in January 2007, the Committee's report examines how large scientific facilities are delivered and the how their value is assessed. Findings include that the first two projects have been delivered largely to time and budget, but other projects still at an early stage are forecasting slippage, with five of the six most mature projects forecasting significant increases in the initial estimates for operating costs. Research Councils have not always sufficiently evaluated options for locating new scientific facilities and have had difficulty in attracting a sufficient number of bidders for contracts to help build new facilities. Performance indicators used by the Research Councils and project teams for monitoring the success of these facilities are not always sufficiently comprehensive or measurable, and if the UK is to maximise the value of these facilities, it needs to attract more young people into science to make good use of the research capacity now being built.
