A report today by the National Audit Office has found that the failure of Metronet – a private infrastructure company responsible for the maintenance and upgrade of sections of the London Underground – has led to an estimated direct loss to the taxpayer of between £170 million and £410 million. There has also been an […]
This investigation looks at the British Business Bank’s approval of Greensill Capital’s access to government business support schemes.
The Department for Environment, Food and Rural Affairs has recently made considerable progress in increasing the number and size of local authority projects to procure new waste treatment facilities under the Private Finance Initiative (PFI). But, according to a National Audit Office report today, the Department was initially too slow to respond to the 1999 […]
The Ministry of Defence’s privatisation of the defence technology business QinetiQ safeguarded the viability of a business of national strategic importance and generated significant proceeds for the taxpayer. However, the NAO believes the taxpayer could have received more money from the deal. Risks remain which the MoD must manage carefully if long term value for […]
The Department of Health and the Information Centre could not demonstrate to the National Audit Office’s satisfaction that they had achieved value for money in establishing Dr Foster Intelligence, a joint venture between the Information Centre and a private sector company Dr Foster LLP. This is primarily because they did not go out to tender […]
Against a background of rising gas prices, Sir John Bourn, head of the National Audit Office, reported today on major developments in the gas industry that have the potential to reduce gas bills in the longer term. There is uncertainty, however, as to whether consumers will see the full extent of the potential benefits. In […]
The NAO has concluded in a new report published today that the tendering process for PFI projects needs improvement. During 2004-2006, PFI projects took an average of almost three years (34 months) to tender. Although there was substantial variation between sectors with schools, in particular, taking significantly less time to close deals (25 months), the […]
Sir John Bourn, head of the National Audit Office, told Parliament today that the Home Office will get what it wants at a good price from the PFI deal to provide serviced headquarters accommodation for 3450 Home Office and Prison Service staff, but risks remain. The Home Office is due to move into the new […]
Most (81%) public bodies involved in PFI projects believe that they are achieving satisfactory or better value for money from their PFI contracts according to a National Audit Office report presented to Parliament today, based on the first ever major survey of central government PFI projects in progress. There was generally positive feedback from service […]
Sir John Bourn, head of the National Audit Office, reported to Parliament today that the new Laganside Courts complex in Belfast, opened in February 2002, is delivering significant benefits. The combination of Crown, County and Magistrates’ Courts has improved upon the previously dissipated nature of court provision in Belfast. Initial reactions from court users have […]
Sir John Bourn, head of the National Audit Office, today reported to Parliament on the £1.2 billion expansion of the PRIME contract, that DWP had succeeded in getting the deal it had set out to achieve. The decision to proceed via a non-competitive negotiation with LST was the right one. DWP introduced competitive tension into […]
Sir John Bourn, head of the NAO, today reported that, following improvements in PFI financing terms, the Norfolk and Norwich University Hospital NHS Trust has shared in the gains from a refinancing of its early PFI hospital contract, but it continues to pay a premium in respect of the financing costs compared to current deals. […]
Sir John Bourn, head of the National Audit Office today reported to Parliament on the £1.5 billion Strategic Transfer of the Estate to the Private Sector (STEPS) PFI deal entered into by Inland Revenue and Customs and Excise with a private sector consortium known as Mapeley STEPS. The deal incorporates the transfer of the ownership […]