22. This paper is divided into five parts:
Part One: background sets out some background on private finance, including its history.
Part Two: private finance in practice sets out our summary findings on the use of private finance, showing that the potential costs and benefits of using private finance are complex, and that there is no certainty that the expected benefits will be achieved.
Part Three: the institutional incentive to use private finance sets out the way that the accounting treatment has influenced the use of private finance.
Part Four: assessing the VFM of private finance sets out the shortcomings of the ways in which public bodies have put together their business case for using private finance.
Part Five: managing private finance sets out the key risks that public bodies need to manage when they use private finance.