Warnings ignored on PFI lab
£100m wasted on faulty laboratory
£100m wasted on faulty laboratory
The National Audit Office has criticised the Department of Trade and Industry
for allowing a private finance initiative contractor to press ahead with a
design for a new national physical laboratory despite believing it to be faulty.
The audit watchdog said private companies and banks lost at least £100m on
the cost of the high-tech buildings as a result and the project will only be
completed next year – six years late.
According to the report, the laboratory builders John Laing and the Serco
Group abandoned the £130m project and that John Laing was later forced sell its
construction business for £1 to a competitor.
The report also revealed how private companies behind PFI schemes can face
huge losses as well as enormous profits.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceAs we get closer to the Budget and there is talk of public spending reduction to fund his proposals, we think a cut by the Chancellor to the headline ...
View articleTechnology industry leaders are pressing the government for substantial investment to prepare the next generation with essential digital and AI skills...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleEffective corporate reporting on sustainability will prevent greenwashing issues and deliver more data for better implementation of climate policies R...
View articleCGT receipts have increased by over 100% in the past five years and reached a record level of £18bn in the last year alone, and a further 18% increase...
View articleThe Office for National Statistics reported that inflation in the UK dropped to 7.9% in June Read More...
View articleAccording to the senior Conservative, the Tory party must have one eye on the next general election in deciding the future of the off-payroll working ...
View article23% of business owners having hastened their plans to either sell or wind down their businesses Read More...
View article