1 See Figure 18 on pages 52 to 57.
| Figure 18 Past National Audit Office (NAO) private finance initiative (PFI) reports | ||||||
| Ref | Title of the report | Short summary | Theme | Date | Session number | Link |
| 1 | Investigation into the rescue of Carillion's PFI hospital contracts | This report is about what happened to Carillion's two major public sector construction contracts after it collapsed and how the PFI operates in these circumstances. The investigation focuses on the role of central government and the Trusts in relation to the two hospital projects before, during and after Carillion's failure in January 2018. | Hospitals | January 2020 | Session 2019-20 HC 23 | |
| 2 | This briefing presents information on: the rationale, costs and benefits of PFI and PF2. This reports presents information on the programme as a whole and do not seek to form a view on the model or individual projects. | Programme assessment | January 2018 | Session 2017-2019 HC 718 | ||
| 3 | The choice of finance for capital investment | This briefing paper describes several factors affecting central government capital investment decisions, including budgeting, project appraisal, procurement, finance and accounting treatment. Based on these factors the report makes a number of observations about the relative flexibility, transparency and other attributes of different financing choices, including cost. | Finance | March 2015 | N/A | www.nao.org.uk/wp-content/uploads/2015/03/The-choice-of-finance-for-capital-investment.pdf |
| 4 | Oversight of three PFI waste projects | This report presents information on the principal roles of the Department for Environment, Food & Rural Affairs (Defra), local authorities, and other central government departments in relation to three contracts. The report examines those contracts, and Defra's influence or involvement. The report is not a value for money (VfM) report of these three contracts. | Waste | June 2014 | Session 2014-15 HC 264 | www.nao.org.uk/wp-content/uploads/2014/06/Oversight-of-three-PFI-waste-projects.pdf |
| 5 | Review of the VfM assessment process for PFI | This briefing paper is a response to the Treasury Committee's request to examine the VfM assessment process and model for the PFI. The VfM assessment process combines a quantitative and qualitative approach to VfM appraisal and includes a set of questions for the authority to consider at each level of the three-stage process, around the viability, desirability and achievability of the project. | Procurement, Programme assessment | October 2013 | N/A | www.nao.org.uk/wp-content/uploads/2014/01/Review-of-VFM-assessment-process-for-PFI1.pdf |
| 6 | This report examines whether authorities' use of private sector equity in recent standard form PFI contracts is VfM. The report examines whether: investors positively contribute to delivering the specified public services and encourage beneficial service improvements; investors bear, and actively manage, project risk; and the returns for investors are transparent and reasonable, derived from contracts priced in line with market principles. | Finance, Programme management | February 2012 | Session 2010-2012 HC 1792 | ||
| 7 | This report draws out lessons from recent project experience that the public sector needs to address to achieve the best commercial outcomes in an economic environment of spending constraints. The report draws on five previous reports. | Lessons learnt | April 2011 | Session 2010-2012 HC 920 | ||
| 8 | This report focuses on the Highways Agency's (now known as Highways England) decision-making to assess whether it has procured a VfM solution to congestion and poor journey time reliability on the M25 motorway. | Procurement, Lessons learnt | November 2010 | Session 2010-11 HC 566 | ||
| 9 | Financing PFI projects in the credit crisis and the Treasury's response | This report examines the effects of the 2008-09 credit crisis on privately financed government infrastructure projects and HM Treasury's response. | Finance | July 2010 | Session 2010-11 HC 287 | |
| 10 | This report reviews the PFI in the housing market with focus on the Department for Communities & Local Government and the Homes and Communities Agency. | Housing | June 2010 | Session 2010-11 HC 71 | ||
| 11 | This report is about the performance of the maintenance and support services under the PFI contracts and how they are managed by the NHS trusts. | Hospitals, Programme management | June 2010 | Session 2010-11 HC 68 | ||
| 12 | Managing complex capital investment programmes utilising private finance | This report provides a best-practice model for departments produced jointly by HM Treasury and the NAO. The report explores common themes in managing PFI programmes based on the experience of 10 departments. | Programme management, Lessons learnt | March 2010 | N/A | www.nao.org.uk/wp-content/uploads/2010/06/Managing_Complex_PFI_projects.pdf |
| 13 | Department for Environment, Food and Rural Affairs: Managing the waste PFI programme | This report focuses on PFI projects for which Defra has responsibility through granting PFI credits to local authorities. Many of the issues set out in the report will also be relevant to local authorities taking forward other forms of waste infrastructure procurement. | Waste, Programme management | January 2009 | Session 2008-09 HC 66 | |
| 14 | Allocation and management of risk in Ministry of Defence PFI projects | This study examines whether there has been effective allocation and management of risk in the Department's PFI projects. The findings are based on a detailed examination of eight PFI case study projects. This analysis is supported by a census of all the Department's PFI contracts let in 2007 and consultation with the Department's staff, contractors and advisers. | Defence, Programme management | October 2008 | Session 2007-08 HC 343 | |
| 15 | This study examines changes to PFI contracts and their effectiveness based on a survey of 170 projects and interviews with stakeholders. The report also includes small case studies. | Programme management | January 2008 | Session 2007-08 HC 205 | ||
| 16 | Benchmarking and market testing the ongoing services component of PFI projects | This report examines whether, based on early experiences, benchmarking/market testing is likely to contribute to the value for money of PFI projects. The study is based on a sample of 34 PFI contracts and considers the mechanics for effective benchmarking, the applicability and any lessons learnt so far from existing projects. | Benchmarking, PFI programme management | June 2007 | Session 2006-07 HC 453 | |
| 17 | This study focuses on the tendering process for all central government department PFI projects in England that closed between April 2004 and June 2006, including PFI schools and hospital projects. | Procurement, schools, hospitals | March 2007 | Session 2006-07 HC 149 | ||
| 18 | The Termination of the PFI Contract for the National Physical Laboratory | This report examines the Department for Business, Innovation & Skills' (formerly the Department of Trade and Industry) handling of the first contract termination and draws lessons that might apply to other PFI projects. The report examines the problems that led to the termination, why these problems arose, how the Department managed them and the VfM consequences of the termination. | Termination of PFI contract, Lessons learned | May 2006 | Session 2005-06 HC 1044 | |
| 19 | This report examines: how the level of debt refinancing gains which government has secured compares with the Office of Government Commerce's expectations in 2002; how well the new arrangements to share debt refinancing gains have been working; whether there are any risks for authorities from debt refinancing; and how the maturing PFI market is affecting the use of equity capital in PFI projects. | Finance | April 2006 | Session 2005-06 HC 1040 | ||
| 20 | This report examines the terms of the original bank finance with the new terms, comparison between early PFI hospital deals, and other factors which may affect the overall comparison of the trust's deal with current PFI deals. | Finance | June 2005 | Session 2005-06 HC 78 | ||
| 21 | This report examines VfM issues of this high-profile transaction which did not involve any direct competition. The questions asked were: Were the project objectives clear? Did the Department apply the proper processes? Did the Department select the best available deal put forward? Is the contract robust? | January 2005 | Session 2004-05 HC 181 | |||
| 22 | The report focuses on the VfM of a property and services outsourcing deal by the Inland Revenue, HM Customs & Excise and the Valuation Office Agency. | STEPS | May 2004 | Session 2003-04 HC 530 | ||
| 23 | The report reviews the PFI contract of the Home Office deal for its new headquarters. The study focuses on the following questions: the Home Office's objectives; its procurement processes; the options assessment; and its ongoing management arrangements. | Programme assessment | July 2003 | Session 2002-03 HC 954 | ||
| 24 | The report considers the operational performance of PFI prisons against the contract. It identifies how the private sector has brought benefits to the Prison Service and whether there is incorporation of innovation from the sector. | Prisons, Programme management | June 2003 | Session 2002-03 HC 700 | ||
| 25 | The report considers whether this PFI deal is likely to deliver VfM. It applies the methodology of an earlier report, Examining the value for money of deals under the Private Finance Initiative (HC 739, 1998-99). | Payment mechanism | June 2003 | Session 2002-03 HC 649 | ||
| 26 | This report examines the construction performance achieved in PFI projects. It focuses on three key areas of construction: price certainty for departments; timing of construction delivery; and the quality of design and construction. | Construction | February 2003 | Session 2002-03 HC 371 | ||
| 27 | The PFI Contract for the redevelopment of West Middlesex University Hospital | The report examines the extent to which this PFI contract is likely to deliver VfM and whether lessons had been absorbed from the earlier reports by the NAO and the Committee of Public Accounts. | Hospital, Programme assessment | November 2002 | Session 2002-03 HC 49 | |
| 28 | Managing the relationship to secure a successful partnership in PFI projects | This report highlights key issues which authorities need to keep in mind when developing and managing relationships with private sector PFI contractors. The study in this report has been based on surveys of authorities and contractors responsible for managing 121 PFI projects where contracts had been let prior to 2000. | Programme management | November 2001 | Session 2001-02 HC 375 | |
| 29 | The report examines the funding competition held for the award of HM Treasury's PFI deal to refurbish its office space. | Finance, Procurement | November 2001 | Session 2001-02 HC 328 | ||
| 30 | The Re-negotiation of the PFI-type deal for the Royal Armouries Museum in Leeds | This report examines the original PFI deal, the subsequent events which led to financial problems at the authority, and the renegotiation of the deal in 1999. | Finance, Programme management | January 2001 | Session 2000-01 HC 103 | |
| 31 | The Private Finance Initiative: The Contract for the Defence Fixed Telecommunications System | This report examines the extent to which the Department secured VfM and achieved their objectives for the Defence Fixed Telecommunications System project. | Programme management | March 2000 | Session 1999-2000 HC 328 | |
| 32 | Examining the value for money of deals under the Private Finance Initiative | This report gives details of how the NAO has examined the VfM of deals reached under PFI. It focuses on objective setting, programme planning, option selection and procurement. It provides an overview to the analytical framework used by the NAO and risk allocation. | PFI Analytical Framework | August 1999 | Session 1998-99 HC 739 | |
| Source: Past National Audit Office reports, which are available at: www.nao.org.uk/search/PFI/ | ||||||