According to the financial watchdog, the Treasury saved the taxpayer Pounds 13m by using a funding competition to finance the refurbishment of its offices in Whitehall, a saving of 7% on the cost of the deal over the lifetime of the project.
Sir John Bourn, head of the NAO, said: ‘The Treasury has demonstrated that there is scope for innovation in the private finance initiative and was rewarded with a significant improvement in the value for money of this deal.’
This was the first time a competition had been used to find the finance for a PFI deal, separate from the rest of the deal.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned