Background In July 2024, the new government’s legislative programme signalled the aim to grow the economy and promote a new partnership with the private sector including using private finance to deliver infrastructure projects. Scope We have reported to successive Parliaments on the value for money of using private finance to deliver infrastructure projects. This study […]
This report looks at the set-up of the UK infrastructure Bank, including HM Treasury’s planning before launch.
The Financial and Risk Management insights team are producing a series of guides aimed at senior finance decision-makers across all of our audited bodies. Our guides will showcase strategic-level insights outlining areas where good financial management can unlock greater efficiency and resilience, as well as practical ways organisations can make improvements.
This report evaluates whether government’s approach to managing the risks of flooding and coastal erosion is achieving value for money.
Last updated – 28 May 2020 Introduction to the topic This online publication provides results of a survey we conducted with public sector authorities (authorities) and which forms part of the evidence base of the NAO’s report on Managing PFI assets and services as contracts end. This report provides information on how public authorities manage […]
This report provides information on managing PFI contracts when they end and considers whether government is preparing for expiry appropriately.
Explore flood defence data by region or local authority with our interactive map tool.
A briefing on the rationale, costs and benefits of the Private Finance Initiative; the use of and impact of PFI, and ability to make savings from operational contracts; and the introduction of PF2. There are currently over 700 operational PFI and PF2 deals, with a capital value of around £60 billion and annual charges for these deals amounted to £10.3 billion in 2016-17. Even if no new deals are entered into, future charges which continue until the 2040s amount to £199 billion.
18 January 2018
This examines whether the Department for Business, Energy & Industrial Strategy has achieved the objectives of the UK Green Investment Bank intervention, and whether UK Government Investments has achieved value for money in the subsequent sale of the Bank.
This report examines the evidence base supporting the decision to proceed with the Thames Tideway Tunnel, a tunnel running 25 kilometres from Acton to Abbey Mills, as well as progress achieved to date.
The Department has committed electricity consumers and taxpayers to a high cost and risky deal in a changing energy marketplace. We cannot say the Department has maximised the chances that it will achieve value for money.
Under the Scheme, the Treasury guarantees that lenders to infrastructure projects will be repaid in full and on time, irrespective of project performance. The NAO is calling for the Treasury to be rigorous and objective in assessing whether the guarantees, which transfer risk to the public sector, are genuinely needed.
The NAO publishes a briefing paper considering capital investment by government and how it chooses to finance it.
The Treasury Committee asked the National Audit Office to undertake an analysis of the VFM assessment process and model for PFI. The assessment process combines a quantitative and qualitative approach to VFM appraisal. Our review focused, primarily, on the use of the financial model in the VFM assessment process and was submitted to the Treasury Committee as part of their inquiry into PF2.
This review of five major rail projects highlights lessons the Department for Transport should apply to current and future rail programmes.
The NAO has highlighted five risks to the value for money of some national infrastructure projects.
The lack of predictability of funding for highways authorities has practical implications for road networks and may lead to increased costs in the long term.
The Department has increased funding for new school places, but there are indications of real strain, with 256,000 new places still needed by 2014/15.
Large-scale infrastructure spending by the private sector over ten years or more will increase consumer utility bills but government and regulators do not know by how much or whether the bills will be affordable.
The Thames Tideway Tunnel is a planned project to build a large sewer running under the River Thames. It is the Government’s preferred solution to the problem of spills from London’s sewers into the tidal part of the Thames. In response to correspondence, we explain the roles of the different parties, identify potential risks to value for money and set out what we expect good project management to look like. To avoid influencing the outcome of ongoing competitions for the construction and financing of the project, we do not evaluate the value for money of the project and the issues raised do not imply any audit judgement about its performance.