Private finance can deliver benefits but is not suitable at any price nor in every circumstance
5 Having examined many PPPs, we have concluded that private finance can deliver benefits, but is not suitable at any price or in every circumstance. It is one of many routes of delivery, which, when used for the right reasons and managed effectively, can work well. When it is used for the wrong reasons or is managed badly, it does not deliver projects well.
6 We believe that external scrutiny from the NAO, Parliament and others over the past 12 years has helped the public sector to improve PPP tendering and contract management. Learning lessons from the successes and failures of initial projects has helped subsequent projects. The lessons were reflected in work done by the Treasury (HMT), Partnerships UK, Local Partnerships (formerly 4Ps) and Departments to standardise contracts, provide central support and guidance. The support has included the creation of specialist Private Finance Units within most Departments.