To date, some savings have been made from previously signed PFI projects. In 2006, HM Treasury issued guidance to assist departments and public authorities to be able to implement strategies which are cost effective, in addition to managing successfully risks arising from both interest rate and inflation.32 NAO analysis shows that the majority of PFI projects have used interest rate swaps to ensure future costs are fixed.33 However, although swaps provide certainty over future costs, swaps also reduce potential gains from refinancing if interest rates were to fall.

Gain-sharing agreements were introduced in 2008 - this enabled departments to benefit from any gains made through refinancing, renegotiations or buy-outs of private finance deals. Additionally, authorities obtained the right to request refinancing.34 However, there have been few such examples. To date, four refinancings have been identified, with the most recent - Thameslink rolling stock, completed in February 2015 - potentially leading to taxpayer savings due to lower borrowing costs. 35

There have also been some recent efficiency savings in PFI projects- see Section 5.1 Reform of PFI.

There is potential to make savings from previously signed PFIs