Treasury Minute On The Twenty First Twenty Fourth Twenty Fifth And Twenty Seventh Reports From The Committee Of Public Accounts

Download Treasury Minute On The Twenty First Twenty Fourth Twenty Fifth And Twenty Seventh Reports From The Committee Of Public Accounts full books in PDF, epub, and Kindle. Read online Treasury Minute On The Twenty First Twenty Fourth Twenty Fifth And Twenty Seventh Reports From The Committee Of Public Accounts ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Treasury minutes on the twenty seventh to the thirty fourth, the thirty sixth to the fortieth, and the forty third to the forty fifth reports from the Committee of Public Accounts 2006-2007

Download Treasury minutes on the twenty seventh to the thirty fourth, the thirty sixth to the fortieth, and the forty third to the forty fifth reports from the Committee of Public Accounts 2006-2007 PDF Online Free

Author : Great Britain. Treasury
Publisher : The Stationery Office
ISBN 13 : 9780101721622
Total Pages : 120 pages
Book Rating : 4.7/5 (216 download)

DOWNLOAD NOW!

Book Synopsis Treasury minutes on the twenty seventh to the thirty fourth, the thirty sixth to the fortieth, and the forty third to the forty fifth reports from the Committee of Public Accounts 2006-2007 by : Great Britain. Treasury

Download or read book Treasury minutes on the twenty seventh to the thirty fourth, the thirty sixth to the fortieth, and the forty third to the forty fifth reports from the Committee of Public Accounts 2006-2007 written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2007-10-11 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Committee of Public Accounts treasury minutes are on the following reports: HCP 113, 06/07, 27th report (ISBN 9780215034311); HCP 179, 06/07, 28th report (ISBN 9780215034373); HCP 142, 06/07, 29th report (ISBN 9780215034304); HCP 189, 06/07, 30th report (ISBN 9780215034489); HCP 309, 06/07, 31st report (ISBN 9780215034496); HCP 91, 06/07, 32nd report (ISBN 9780215034571); HCP 275, 06/07 33rd report (ISBN 9780215034786); HCP 43, 06/07, 34th report (ISBN 9780215034830); HCP 729, 06/07, 36th report (ISBN 9780215034823); HCP 812, 06/07, 37th report (ISBN 9780215034878); HCP 261, 06/07, 38th report (ISBN 9780215034991); HCP 377, 06/07, 39th report (ISBN 9780215034922); HCP 368, 06/07, 40th report (ISBN 9780215035066); HCP 892, 06/07, 43rd report (ISBN 9780215035172); HCP 246, 06/07, 44th report (ISBN 9780215035271); HCP 250, 06/07, 45th report (ISBN 9780215035387)

Treasury minutes on the nineteenth to the twenty first and the twenty third to the twenty seventh reports from the Committee of Public Accounts session 2010-11

Download Treasury minutes on the nineteenth to the twenty first and the twenty third to the twenty seventh reports from the Committee of Public Accounts session 2010-11 PDF Online Free

Author : Great Britain. Treasury
Publisher : The Stationery Office
ISBN 13 : 9780101806923
Total Pages : 56 pages
Book Rating : 4.8/5 (69 download)

DOWNLOAD NOW!

Book Synopsis Treasury minutes on the nineteenth to the twenty first and the twenty third to the twenty seventh reports from the Committee of Public Accounts session 2010-11 by : Great Britain. Treasury

Download or read book Treasury minutes on the nineteenth to the twenty first and the twenty third to the twenty seventh reports from the Committee of Public Accounts session 2010-11 written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2011-05-16 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dated May 2011. The reports published as HC 651 (ISBN 9780215556232); HC 688 (ISBN 9780215556363); HC 721 (ISBN 9780215556424); HC 687 (ISBN 9780215556530); HC 667 (ISBN 9780215556646); HC 668 (ISBN 9780215556745); HC 741 (ISBN 9780215556851); HC 765 (ISBN 9780215556882)

H.M. Treasury

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215037350
Total Pages : 44 pages
Book Rating : 4.0/5 (373 download)

DOWNLOAD NOW!

Book Synopsis H.M. Treasury by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book H.M. Treasury written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2007-11-27 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the Private Finance Initiative (PFI) there are now 800 contracts with private sector suppliers for services worth in total £155 billion up to 2032. To achieve value for money, all stages of a project have to be managed effectively, including in the tendering process. The Committee, in a 2003 report highlighted a number of issues regarding the PFI tendering process (HCP 764, session 2002-03, ISBN 9780215011244). This report re-examines the tendering and benchmarking in PFI, finding that the Treasury had done little to apply what it had learned from the large number of PFI deals signed; that there has been no improvement in tendering times and significant risks to value for money continue to be taken when public authorities make late changes to deals. The Committee has set out 7 conclusions and recommendations, including: that since 2004, the proportion of deals attracting only two bidders has more than doubled with the risk of no competition; one third of public sector teams made changes to PFI projects after they had selected a single, preferred bidder; benchmarking and market testing have increased prices by up to 14%; public authorities have found it difficult to find appropriate data to benchmark PFI service costs; there is evidence that public authorities, faced with price increases have had to cut back services in hospitals, including portering, to keep contracts affordable; that there is a continuing lack of PFI experience and skills within public procurement teams.

The right of access to open countryside

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 0215034570
Total Pages : 52 pages
Book Rating : 4.2/5 (15 download)

DOWNLOAD NOW!

Book Synopsis The right of access to open countryside by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book The right of access to open countryside written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2007-06-21 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Countryside Rights of Way Act 2000 introduced a public right to walk across designated mountain, moor, heath, downs and registered common land in England. DEFRA tasked the Countryside Agency with opening-up the new access by the end of 2005, and the target was met with two months to spare. However the implementation of the right to roam cost the Countryside Agency £24.6 million more than anticipated, with knock-on impacts on other programmes. This report looks at the implementation of open access and the effect of the policy under the headings: encouraging the public to use the right to roam across the countryside; protecting the environment of access land and the rights of landowners; improving planning and project management. However the success of legislation is as yet unknown because there is no information on the extent to which the public are making use of their new right. In October 2006 the responsibility for open access passed from the Countryside Agency to Natural England.

Department of Health

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 0215034309
Total Pages : 48 pages
Book Rating : 4.2/5 (15 download)

DOWNLOAD NOW!

Book Synopsis Department of Health by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Department of Health written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2007-06-07 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Properly managed, the use of temporary nurses can play an important role in helping hospital achieve flexibility. However their high use can have a detrimental impact on patient care and satisfaction. In 2001 the Department of Health anticipated that a growth in the NHS workforce would lead to a decline in the use of temporary staff but in spite of this intention temporary nurses still account for the same percentage of the nursing budget (around 9%). On the basis of a report by the Comptroller and Auditor General, the Committee has investigated the extent of the use of temporary nurses; whether the process is properly planned and managed; and whether there are safety and quality implications. One of the conclusions is that there has a lack of planning and it is only as a result of the problem with deficits that the NHS has taken a more co-ordinated approach

The modernisation of the West Coast Main Line

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 0215034481
Total Pages : 60 pages
Book Rating : 4.2/5 (15 download)

DOWNLOAD NOW!

Book Synopsis The modernisation of the West Coast Main Line by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book The modernisation of the West Coast Main Line written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2007-06-14 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: When Railtrack first planned the upgrade of the West Coast Mainline it was to have been completed in two phases in 2002 and 2005, used untried signalling technology and cost £2.6 billion. In the event the signalling was not installed, progress was much slower than anticipated and Railtrack collapsed. Network rail took over the project and put in place a more robust strategy to deliver the upgrade in three stages between 2004 and 2008. The first two stages have already been delivered on schedule. However the total modernisation cost is likely to be around £8.6 billion and the line will still be prone to overcrowding at peak times and is thus likely to need further investment. This report looks at the project on the basis of a report by the Comptroller and Auditor General.

Journals of the House of Commons

Author : Great Britain. Parliament. House of Commons
Publisher :
ISBN 13 :
Total Pages : 1094 pages
Book Rating : 4.:/5 ( download)

DOWNLOAD NOW!

Book Synopsis Journals of the House of Commons by : Great Britain. Parliament. House of Commons

Download or read book Journals of the House of Commons written by Great Britain. Parliament. House of Commons and published by . This book was released on 1825 with total page 1094 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Spending reduction in the Foreign and Commonwealth Office

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215561619
Total Pages : 68 pages
Book Rating : 4.5/5 (616 download)

DOWNLOAD NOW!

Book Synopsis Spending reduction in the Foreign and Commonwealth Office by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Spending reduction in the Foreign and Commonwealth Office written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-09-30 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Around half of the Foreign and Commonwealth Office's budget is spent in foreign currencies. In 2008, the Treasury removed the protection it had previously provided to the Department against exchange rate fluctuations. The FCO did not have the expertise or experience to effectively manage the risk of a fall in exchange rates, and that the Treasury imposed poor value for money conditions on forward purchasing foreign currency. As a result of a decline in the value of sterling, in September 2009 the FCO faced an overspend of £91 million on its 2009-10 budget (£72 million centrally and £18.8 million overseas), out of its total budget of £1.6 billion. It made drastic cuts to reduce this overspend. The FCO did well to reduce spending so quickly, which enabled it to live within its budget. However, many of the spending cuts made were short term in nature, and involved simply delaying or stopping some activities, rather than making lasting efficiency improvements. Not enough was done to monitor and measure the impact of the cuts and there is a risk that such short term cuts can lead to increased spending in the future. The FCO needs to achieve sustainable reductions in running costs of £100 million over the next four years, and sees the overseas estate as a potential source of these efficiencies and income. But in the past, high charges have had the unintended consequence of discouraging other government departments from sharing premises.

Accountability for public money - progress report

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215043740
Total Pages : 82 pages
Book Rating : 4.0/5 (437 download)

DOWNLOAD NOW!

Book Synopsis Accountability for public money - progress report by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Accountability for public money - progress report written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-04-17 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is a follow-up to the Committee's report on Accountability for Public Money (HC 740, session 2010-11 (ISBN 9780215559029)) an issue at the core of the relationship between Parliament and government. Accounting Officers remain accountable to Parliament for funds voted to their departments but the policy intention is that local bodies will have significant discretion over the services they deliver. In the Government's response, 'Accountability: Adapting to Decentralisation', Sir Bob Kerslake drew a distinction between those services that government delivers directly and those that it may fund but are delivered in more decentralised arrangements. He proposed that Accounting Officers set out, in Accountability System Statements, the arrangements they have in place to provide assurance about the probity and value for money of funds spent through devolved systems. All departments are expected to produce Statements by summer 2012. Departments have made a genuine effort to develop arrangements which reconcile accountability and localism but the Statements so far are unwieldy and considerably more needs to be done to improve their clarity, consistency and completeness. There is concern that accountability frameworks must drive value for money and, critically, are sufficiently robust to address the operational or financial failure of service providers. Departments are placing increasing reliance on market mechanisms such as user choice to drive up performance and value for money, but there are limits to what these mechanisms can achieve. The Treasury needs to take ownership of the system and ensure that the Comptroller and Auditor General has the necessary powers and rights of access to examine the value for money of funds spent through devolved systems

House of Commons - Committee of Public Accounts: Charges for Customer Telephone Lines - HC 617

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215063427
Total Pages : 52 pages
Book Rating : 4.0/5 (634 download)

DOWNLOAD NOW!

Book Synopsis House of Commons - Committee of Public Accounts: Charges for Customer Telephone Lines - HC 617 by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book House of Commons - Committee of Public Accounts: Charges for Customer Telephone Lines - HC 617 written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-11-11 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Telephone services are a vital part of government support, accounting for 43% of all customer contacts. But departments are continuing to make extensive use of higher rate phone numbers for customer telephone lines despite the fact that many people are put off calling as a result. The most vulnerable callers, on the lowest incomes, face some of the highest charges. Costs to callers are even higher because the caller has to endure long waiting times and poor customer service. In the face of this evidence we welcome the Cabinet Office's acknowledgement that it was "inappropriate" for vulnerable citizens to pay a substantial charge to access public services and its commitment to establish best practice in this field and ensure it is followed across government

Oversight of special education for young people aged 16-25

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215041906
Total Pages : 48 pages
Book Rating : 4.0/5 (419 download)

DOWNLOAD NOW!

Book Synopsis Oversight of special education for young people aged 16-25 by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Oversight of special education for young people aged 16-25 written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-02-24 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost a third of young people with a Statement of special educational needs at the age of 16 are not in any form of education, employment or training two years later. The Government spent £640 million on special education for 16- to 25-year-olds in 2009-10, yet too many of these young people are falling through the gaps after they leave compulsory education, damaging their life chances and leaving a legacy of costs to the taxpayer. The system is extremely complex and difficult to navigate, with an array of different providers. Too many parents and young people are not given the information they need to make decisions about what is right for them. But three quarters of local authorities do not give parents any information at all about the respective performance of schools, FE colleges and specialist providers. The Department doesn't know how much money is actually spent on support. The huge variation between local authorities in funding per student suggests that a postcode lottery is at work. Students with higher-level needs are placed on the basis of statutory assessments of need; however, witnesses emphasised just how patchy the quality of these assessments can be. The opportunity for reform presented by the Department's recent Special Educational Needs Green Paper should be used to address our concerns It is right for local authorities to decide how to meet the needs of young people in their area - but local people must have access to clear information so that they can hold local authorities to account for how well they deliver

The Impact of the Office of Government Commerce's Initiatives on the Delivery of Major IT-enabled Projects

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215025098
Total Pages : 48 pages
Book Rating : 4.0/5 (25 download)

DOWNLOAD NOW!

Book Synopsis The Impact of the Office of Government Commerce's Initiatives on the Delivery of Major IT-enabled Projects by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book The Impact of the Office of Government Commerce's Initiatives on the Delivery of Major IT-enabled Projects written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2005-07-05 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central civil government annually spends £2.3 billion on information technology, some 16% of its total procurement budget. This report examines the progress the Office of Government Commerce (OGC) has made in improving departments' capacity to deliver successful IT projects and programmes. In particular it looks at the application of the Gateway Review Process, where there is an independent review of projects at critical points; the use of OGC initiatives by departments; and engagement with suppliers.

Formula funding of local public services

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215038685
Total Pages : 48 pages
Book Rating : 4.0/5 (386 download)

DOWNLOAD NOW!

Book Synopsis Formula funding of local public services by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Formula funding of local public services written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-11-16 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines existing approaches to formula funding across government, and the principles that should be carried forward to new arrangements. Government departments distributed £152 billion, one-fifth of all government spending, to local public bodies in 2011-12 based on the three grants considered: Primary Care Trust Allocations; Dedicated Schools Grant; and the Department for Communities and Local Government's Formula Grant. These distribute funding to local public bodies in a range of sectors, including health, education, local government, police and fire and rescue services. The formula funding systems are complex, difficult to understand, and have led to inequitable allocations. For Dedicated Schools Grant, based mainly on historical spending patterns, per pupil funding for schools with similar characteristics can vary by as much as 40%. Under Formula Grant, nearly 20% of authorities received allocations which are more than 10% different from calculated needs. The priorities accorded to different elements of the formulae are judgements which have a direct impact on the distribution of funds. In some cases the basis for the judgement is guided by authoritative, published independent advice. In other cases, the basis for judgement lacks transparency, and external advice lacks status and influence. Only 4% of respondents to DCLG's consultation supported the current version of the model used to calculate Formula Grant. Some of the data used by departments in calculating relative needs is inaccurate and out of date. Current reviews of formula funding provide opportunities to address the weaknesses identified in this report.

The free entitlement to education for three and four year olds

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215045102
Total Pages : 48 pages
Book Rating : 4.0/5 (451 download)

DOWNLOAD NOW!

Book Synopsis The free entitlement to education for three and four year olds by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book The free entitlement to education for three and four year olds written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-05-22 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Department for Education provides funding for local authorities to pay for three and four year olds to receive their entitlement to 15 hours of free education each week. The Department devolves delivery to local authorities and providers but it is responsible for the overall value for money from the system. In 2011-12 the Department's estimated funding for the entitlement of £1.9 billion provided over 800,000 three and four year olds with access to free education; an estimated annual allocation of approximately £2,300 per child. While the Department and local authorities have focused on ensuring places for children are available, there has been less attention on how value for money can be secured and improved. While there is evidence of educational improvement at age five, the evidence that this is sustained is questionable. The Department needs to do more to understand how educational benefits can be lasting. There is not enough good information for parents to make informed choices and there is concern at reports that some families are still not receiving the entitlement free of charge. It is important that all parents know what the entitlement is and that it should be provided completely free. Early years education has the greatest benefit for children from disadvantaged backgrounds however these children have the lowest levels of take-up and deprived areas have the lowest levels of high quality services. The Department needs to identify and share good practice from those local authorities which are having the most success.

Office of Rail Regulation

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215560506
Total Pages : 60 pages
Book Rating : 4.5/5 (65 download)

DOWNLOAD NOW!

Book Synopsis Office of Rail Regulation by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Office of Rail Regulation written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2011-07-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office of Rail Regulation (the Regulator) is the independent economic and safety regulator of the rail industry in England, Scotland and Wales. The Regulator's duties include promoting economy and efficiency in the rail industry with much of its work focusing on Network Rail, the owner and monopoly provider of the national rail network, including track, signalling and stations. Network Rail does not face normal commercial pressures from investors and lenders to improve efficiency as it is a not-for-dividend company without shareholders, financed by debt guaranteed by the Government. It is therefore the role of the Regulator to hold Network Rail to account for its performance and to incentivise it to become more efficient. The Regulator sets efficiency targets when it determines the limits on fees Network Rail can charge train operators for use of tracks, stations and depots. Sir Roy McNulty's recent review of the rail industry showed that the rail industry continued to fail to achieve effective value for money. The Committee states that the Regulator did not exert sufficient pressure on Network Rail to improve its efficiency, and that there is an absence of effective sanctions for under-performance in the system and should enforce a stronger link between performance and bonus payments to Network Rail's senior managers. The relationship between Network Rail, the Regulator and their advisors appears to the Committee to be too cosy. Network Rail should be more accountable for its use of public money, and more transparent in its operations. The Committee sets out 11 conclusions and recommendations.

Reducing costs in the Department for Transport

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215042927
Total Pages : 44 pages
Book Rating : 4.0/5 (429 download)

DOWNLOAD NOW!

Book Synopsis Reducing costs in the Department for Transport by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Reducing costs in the Department for Transport written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-03-13 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: As part of the 2010 Spending Review the government announced a significant reduction in the budget of the Department for Transport, with spending due to be 15% lower by 2014-15, in real terms, than the Department's £12.8 billion budget in 2010-11. The Department prepared early, identifying areas for budget reductions based on good analysis. But for road users, railway passengers and taxpayers, there are many questions which remain unanswered. The Department doesn't fully understand the impact of its cuts to road maintenance. There is concern that short-term budget cutting could prove counter-productive, costing more in the long-term as a result of increased vehicle damage and the higher cost of repairing the more severe road damage. Another area of concern is rail spending. The Department spends two-thirds of its budget through third party organisations such as Network Rail and Transport for London. While information and assurance have improved over some third party spending, there is still a lack of proper accountability and transparency for Network Rail. Rail budgets aren't being reduced as much as other areas, yet passengers still face high fares. The Department hands Network Rail over £3 billion each year, underwrites debt of over £25 billion and continues to treat it as a private sector company. The National Audit Office must be allowed full audit access as quickly as possible.. Better contingency plans for dealing with threats to its planned budget reductions also need to be developed - for example if some of its planned efficiency savings do not deliver or if inflation is higher than forecast

Equity investment in privately financed projects

Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher : The Stationery Office
ISBN 13 : 9780215044129
Total Pages : 52 pages
Book Rating : 4.0/5 (441 download)

DOWNLOAD NOW!

Book Synopsis Equity investment in privately financed projects by : Great Britain: Parliament: House of Commons: Committee of Public Accounts

Download or read book Equity investment in privately financed projects written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-05-02 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the risks and rewards for private equity investors in government private finance projects. The Private Finance Initiative (PFI) model has been used by governments in some 700 projects over the last 20 years but defects, including failures to demonstrate the value for money case satisfactorily, the use of long inflexible contracts and the costly contracting process, and inefficient pricing of equity have made continuing with the current model unsustainable. The Treasury is currently reviewing the PFI model. It needs to improve flexibility in the way that private finance is used, establishing quicker and more efficient procurement procedures and achieving a better balance between investors' risks and their rewards. Private finance should only be used where it secures real value for money for the taxpayer, not because of definitional statistical incentives to get projects off the balance sheet (only some 20% of long term PFI liabilities are recorded as debt in the national accounts). Business cases must be an unbiased and transparent assessment of the best form of procurement for the particular project being undertaken, taking account of expected tax receipts from alternative options and not adjusting assumptions to bias the outcome of the assessment. The Treasury needs to collect data on investors' experiences and use this information to assess and challenge investors' returns. There needs to be greater transparency over the pricing of contracts, and inefficiencies which add to the cost of private deals, such as long procurement times, need to be addressed.