Question 1 (part 2): Are current procurement procedures satisfactory? Is enough information disclosed on Private Finance projects fully to assess whether the taxpayer is getting value-for-money?

1.5 Current procurement procedures are satisfactory in concept, as they embody the use of competition to derive the best balance of quality and price. The Competitive Dialogue process is widely perceived by the private sector as adding cost and time to the process. This may be particularly relevant to the "dialogue" stage of the procurement, where more bidders are kept in the competition for a longer period substantially to settle the contract before choosing a preferred bidder. In our view it is more about how procurements are delivered than the underlying requirements of the process and there is limited scope for moving away from Competitive Dialogue given EU procurement directives. Public sector bodies in the main are more satisfied with the way the Competitive Dialogue process is working.

1.6 It should be recalled that higher transaction costs are in part a response to perceived failures of public contracts to come in on time and on budget.

1.7 As regards disclosure of information, enough information is disclosed to procuring authorities and HM Treasury for them to assess VFM . The drivers of VFM are well understood across a community of sponsors and advisers on both the public and private sides. The National Audit Office plays an important role and circulates information using its published reports.