Lessons From Pfi And Other Projects
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Lessons From Pfi And Other Projects
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2011-04-28
Lessons From Pfi And Other Projects written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-28 with Business & Economics categories.
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.
Public Private Partnerships And Constitutional Law
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Author : Nikiforos Meletiadis
language : en
Publisher: Routledge
Release Date : 2018-12-07
Public Private Partnerships And Constitutional Law written by Nikiforos Meletiadis and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-07 with Business & Economics categories.
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.
Equity Investment In Privately Financed Projects
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Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
language : en
Publisher: The Stationery Office
Release Date : 2012-05-02
Equity Investment In Privately Financed Projects written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-02 with Business & Economics categories.
This report examines the risks and rewards for private equity investors in government private finance projects. The Private Finance Initiative (PFI) model has been used by governments in some 700 projects over the last 20 years but defects, including failures to demonstrate the value for money case satisfactorily, the use of long inflexible contracts and the costly contracting process, and inefficient pricing of equity have made continuing with the current model unsustainable. The Treasury is currently reviewing the PFI model. It needs to improve flexibility in the way that private finance is used, establishing quicker and more efficient procurement procedures and achieving a better balance between investors' risks and their rewards. Private finance should only be used where it secures real value for money for the taxpayer, not because of definitional statistical incentives to get projects off the balance sheet (only some 20% of long term PFI liabilities are recorded as debt in the national accounts). Business cases must be an unbiased and transparent assessment of the best form of procurement for the particular project being undertaken, taking account of expected tax receipts from alternative options and not adjusting assumptions to bias the outcome of the assessment. The Treasury needs to collect data on investors' experiences and use this information to assess and challenge investors' returns. There needs to be greater transparency over the pricing of contracts, and inefficiencies which add to the cost of private deals, such as long procurement times, need to be addressed.
Hc 97 Private Finance 2
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2014-06-09
Hc 97 Private Finance 2 written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-09 with Business & Economics categories.
Written evidence is contained in Volume 2, available on the Committee website at www.parliament.uk/treascom
Public Private Partnerships For Infrastructure
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Author : E. R. Yescombe
language : en
Publisher: Butterworth-Heinemann
Release Date : 2018-05-29
Public Private Partnerships For Infrastructure written by E. R. Yescombe and has been published by Butterworth-Heinemann this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-29 with Business & Economics categories.
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
The Oxford Handbook Of State Capitalism And The Firm
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Author : Mike Wright
language : en
Publisher: Oxford University Press
Release Date : 2022-08-01
The Oxford Handbook Of State Capitalism And The Firm written by Mike Wright and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-01 with Political Science categories.
There has been a major revival of interest in State Capitalism: what it is, where it is found, and why it is seemingly becoming more ubiquitous. As a concept, it has evolved from radical critiques of the Soviet Union, to being deployed by neo-liberals to describe market reforms deemed imperfect, to settle into a middle ground, as a pragmatic way to describe the state assuming a role as an active economic agent, in addition to its regulatory, social, and security functions. The latter is the central focus of this book, although due attention is accorded to the origins of state capitalism and how it has changed over the years, as well as contemporary ways in which state capitalism may be theorized. This economic agency may assume direct forms, for example, via state owned enterprises. However, it may also be indirect, for example, actively serving private interests through promoting insider firms, who may occupy monopolistic market positions and perform outsourced state functions. In turn, this leads to raising salient governance questions. The latter may encompass agency tensions between public ownership, and political or even private interest control; it may also include issues of transparency and monitoring. Although state capitalism has often been depicted as the preserve of states in the global south, be they developmental or predatory, many forms of state capitalism are visible in mature economies, be they liberal or coordinated, and this is not always associated with superior governance arrangements; indeed, this is an area where clear and easy divisions between the "developing" or "emerging" world and the "developed" or "mature" world may increasingly be breaking down. This volume brings together the accounts of leading experts from around the world; it is explicitly multi-disciplinary, and both consolidates the existing knowledge base, and provides new, novel, and counter-intuitive insights.
The Oxford Handbook Of Megaproject Management
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Author : Bent Flyvbjerg
language : en
Publisher: Oxford University Press
Release Date : 2017
The Oxford Handbook Of Megaproject Management written by Bent Flyvbjerg and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business & Economics categories.
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.
Private Finance Initiative
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2011-08-19
Private Finance Initiative written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-19 with Business & Economics categories.
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.
Public Management In The United Kingdom
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Author : June Burnham
language : en
Publisher: Bloomsbury Publishing
Release Date : 2012-10-03
Public Management In The United Kingdom written by June Burnham and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-03 with Political Science categories.
From the 'Third Way' reforms of the 1990s to today's prospect of a post-bureaucracy era, the management of the UK's public services has been radically overhauled in recent decades. This important new text provides a complete introduction to the key themes and developments in public management and the changing relationship between governments, public service providers and the public. June Burnham and Sylvia Horton examine the key components of public management in the UK, including strategic management and the introduction of new performance management techniques as well as financial and human resources management. The book assesses how wider forces such as Europeanization, globalization and the global economic crisis have affected both the structure and role of the state and the way public services are managed. It also looks back to examine the transition from public administration to public management and considers how different ideologies have influenced and driven reform. Distinctively, the authors provide a full assessment of how devolution has affected public services across all parts of the UK. Providing an insightful and accessibly written introduction, this book will be ideal reading for all students of public management.
State Led Privatisation And The Demise Of The Democratic State
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Author : Mike Raco
language : en
Publisher: Routledge
Release Date : 2016-04-01
State Led Privatisation And The Demise Of The Democratic State written by Mike Raco and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-01 with Political Science categories.
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.