BusinessCompany NewsReport hails success of PFI schemes

Report hails success of PFI schemes

A report put out by the Treasury claims that the £35bn invested so far in public sector projects using PFI has had a 'largely positive impact' with 89% of projects delivered on time and within budget.

Link: Boateng defends use of PFI contracts

The document, PFI: Meeting the Investment Challenge disclosed that this year around £4.6bn would be invested in PFI schemes, with almost 60% classified to the public sector.

In total, 563 PFI deals have been closed by the government since the inception of the schemes in 1997, at a total cost of £35bn.

Paul Boateng, chief secretary to the Treasury, said new applications for PFI would be explored ‘where existing evidence suggests it could deliver benefits – in social housing, urban regeneration and waste’.

The report also details a number of reforms proposals including changes to the public sector comparator, the tool which measures whether using the private will deliver greater benefits than using public funds.

Other proposals include improving the efficiency of the procurement process, increasing the scope of PFI and focusing on where it works best, and investigating the potential for new methods of financing projects.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor