News
PFI arrangements being assessed by the House of Lords
10 November, 2009
The PFI (private finance initiative) is a method to provide financial support for public-private partnerships. The Economic Affairs Committee at the House of Lords now need to establish whether PFI is delivering on value for money and if risk transfer is real.
University of Edinburgh’s Professor Allyson Pollock, University of East Anglia’s Dr Chris Edwards, and Chairman of UCL Hospital, Sir Peter Dixon, are preparing to address a government committee as to the value for money of the controversial private finance initiatives (PFI) and whether there are any alternative systems of funding public infrastructure procurement available.
In a recent statement Dixon from the House of Lords would probably be asked about his experience of the PFI project when building the new University College London Hospital.
NAO (The National Audit Office) has reportedly advised the Lords committee that not enough is being done to document the progress of PFI and it has called for systematic evaluation of projects and responsibility for this lies with public officials said Susan Anderson. She also assured peers that if used for the right projects it could achieve both bringing partners together at the early planning stages and setting clear and coherent goals based on desired outcomes is an important feature Also that in projects undertaken through conventional procurement, cutbacks were made in maintenance when the going got tough, whereas in PFI these factors were considered from the outset and ensured over the life time of the project.
MD of Interserve Investments Mr. Dougie Sutherland, and MD of Balfour Beatty Capital Mr. Ian Rylatt accompanied Susan.
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