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.
Plans to tackle criminals defrauding London’s councils have taken a major step forward with the appointment of CIPFA to provide data analytics for the London Counter Fraud Hu
Government services will be decimated if proposed reforms to IR35 in the public sector go ahead, a study has warned
CIPFA and EY form partnership to produce fully compliant accounts for local authorities
Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution