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News - 4 December 2012

Overhaul of the Private Finance Initiative imminent

Mr Osborne will include plans for a "faster and more transparent" system of private funding for public infrastructure projects in his Autumn Statement on Wednesday.
It is understood that safeguards will be built into the system to make sure that the costs and risks to the taxpayer are minimised.
These will include limits on the type of services, such as maintenance, that can be incorporated into contracts and more flexible terms allowing the state to opt out.

Efforts will also be made to make the scheme, more attractive to long-term investors like pension funds in a bid to reduce the amount of debt involved in the financing.
 

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“PFI, which was set up under John Major's government in 1992, allows private firms to build, operate and maintain public facilities like hospitals, schools and courthouses under contracts lasting as long as 35 years.”

Among the first projects to be put out to firms under the new process is expected to be the recently announced £1.75bn school repair programme. A review of 100 existing contracts to run schools and other government buildings has found £1.5bn in savings over the past 18 months with another £1bn identified in future savings.

If you need any help and advice on Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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