9 This report examines the effects of the credit crisis on privately financed government infrastructure projects and the Treasury's response. Although unable to control conditions in the financial markets, the Treasury sets guidance on how departments assess value for money and approves significant projects. It therefore was responsible for coordinating the Government's response to the financial crisis and mitigating its impact on infrastructure procurement. In particular, the report sets out:
• how the Treasury responded to the impact of the credit crisis on the availability and terms of finance for PFI contracts;
• the impact of the credit crisis on the cost of finance for PFI contracts; and
• the challenges ahead.
The report does not consider the value for money of individual projects, nor does it address the remit of Infrastructure UK, the new body established to coordinate the Government's approach to the infrastructure challenge. The report does, however, make recommendations on issues that Infrastructure UK should address.