Contents
Terms of Reference
Abstract
Chapter 1: Introduction
Chapter 2: Background
The beginnings of the Private Finance
Initiative (PFI)
Expansion of Private Finance Projects
(PFPs)
Impact of the credit crunch
Chapter 3: Financial Framework of Private
Finance Projects
Limitations of Value for Money test and
Public Sector Comparators (PSCs)
Lack of information on public sector
costs
How robust are value for money tests?
A National Infrastructure Bank?
Off-balance sheet treatment of private
finance
Government and national accounts
Chapter 4: Private Finance in practice
PFPs—on time and on budget?
What risks are transferred to the
private sector?
What happens when things go wrong?
Lessons from the special case of
London Underground
Bundling of construction, servicing and
maintenance into whole life contracts
How much does better maintenance
cost?
Managing and monitoring contracts
Is private finance necessary to get the
benefits of bundling?
What projects are suitable for private
finance?
Long-term stable projects
Extending the reach of private finance
Chapter 5: Conclusions and Recommendations
Appendix 1: Economic Affairs Committee
Appendix 2: List of Witnesses
Appendix 3: Call for Evidence
Appendix 4: Glossary
Oral and Written Evidence
13 October 2009
20 October 2009
27 October 2009
3 November 2009
10 November 2009
24 November 2009
1 December 2009
8 December 2009
15 December 2009
19 January 2010
Written Evidence
NOTE: References in the text of the report are as
follows:
(Q) refers to a question in the oral evidence
(p) refers to a page of written evidence
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