Q181 Mr Bacon: It is, yes. Actually it was Mr Kingman. We had a long correspondence about it.
Andrew Hudson: Mr Kingman and Mr Pocklington.
Q182 Mr Bacon: He started talking about foreign exchange, for no obvious reason.
Andrew Hudson: If you simply add up the cash, then, as Mr Lloyd says, you get to £210 billion.
Q183 Mr Bacon: Because it's my constituents and my colleagues' constituents who have to pay the cash, at the end of it.
Andrew Hudson: Indeed.
Q184 Chair: Is this for all PFI contracts?
Q185 Mr Bacon: It's £210 billion. It was £190 billion, so it's gone up £20 billion.
Andrew Hudson: Yes, but I think we explained in the note that we sent to you after that exchange that we thought that the meaningful figure was the present value.
Q186 Mr Bacon: This was where Mr Kingman got into foreign exchange. But the present value figure is?
Andrew Hudson: The present value figure is £117 billion.
Q187 Mr Bacon: So that has gone up from £91 billion?
Andrew Hudson: Yes.
Q188 Mr Bacon: So the net present value figure has gone up by more than the cash figure, quite considerably so. £17 billion and £9 billion is £26 billion more than last time I asked the question. Finally, the Green Investment Bank, which you've mentioned a couple of times. I must say, perhaps this is disloyal to my party, but when I heard that you were going to launch a Green Investment Bank, my first thought was, "Oh my goodness, how long will it be before an NAO report is delivered to us about how horribly it's gone wrong?" Which of the eight common causes of project failure did they fail to take any notice of? Who is going to have oversight of it in the Treasury, and will it stay the same person, and why won't it go wrong?
Andrew Hudson: It won't go wrong because we will learn the lessons from the common causes of failure that you refer to, and other inquiries by the Committee and the NAO.
Q189 Chair: But you won't be asking for it?
Andrew Hudson: Within the Treasury, colleagues in Infrastructure UK, with the market expertise that someone like Andy Rose brings to bear, will have a role to play. Also other colleagues working on relevant sectors will be involved, but we will make sure we learn lessons from-
Q190 Mr Bacon: There will be hires in from the private sector to run it, will there?
Andrew Hudson: We certainly want to use the relevant expertise.