BusinessCompany NewsPFI projects cut delays and costs

PFI projects cut delays and costs

Building projects under the private finance initiative are delivering improvements in budgets and timeliness, according to a survey by the National Audit Office.

Link: Big Four accused of ‘stitching up’ PFI

p>The study showed that of the 37 PFI construction projects looked at, which included hospitals, roads and government offices, less than a quarter came in over budget. This compares favourably with a figure of three-quarters of public projects that went over budget before the introduction of PFI.

Delays were also significantly reduced, with only 24% of the projects finishing late. Around 70% of similar projects ran over schedule in the time before PFI.

The report also mentioned that some PFI contractors had actually lost money through the projects, meaning that the private companies were absorbing risk that would previously have been borne by the taxpayer.

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