PracticeConsultingPFI – Partners welcome review

PFI - Partners welcome review

Accountants specialising in private finance initiative work have welcomed the government’s decision to review the PFI procedures.

Announced last week by Paymaster General Geoffrey Robinson, the review will be conducted by Sir Malcolm Bates and will examine the progress made on PFI schemes. The Pearl Group chairman has been asked to recommend changes which could improve the way in which public-private partnerships are approached.

An earlier review undertaken by Sir Malcolm recommended the creation of a Treasury taskforce to help government departments and agencies test large projects for commercial viability. The new review is due for completion before the original taskforce’s mandate runs out next summer.

‘There needs to be something else when the taskforce expires,’ said Keith Stein, head of Ernst & Young’s PFI unit. ‘So a review looking into this now is particularly appropriate.’

He added that the government was right to try to put in place the best possible arrangements to ensure a smooth transition when the taskforce mandate ends.

Rob Francis, head of PFI at Pannell Kerr Forster, said the taskforce had a positive impact. Civil servants had bought into the PFI regime and were beginning to embrace it as a real alternative to funding infrastructure projects.

‘We are confident that the culture in government is right for PFI now.

However, we need to see more focus on the actual funding and on the role of banks and institutional investors,’ said Francis.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer