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Has the NAO Audited Risk Transfer in Operational Private Finance Initiative Schemes?

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  • Allyson M. Pollock
  • David Price

Abstract

The government's main justification for using private finance is that it provides value for money by transferring project risks to the private sector. However, of the 622 PFI deals signed by October 2007, the National Audit Office (NAO) has examined the relationship between risk transfer and risk premiums in only three. The government's justification for the policy is largely unevaluated and unscrutinized by Parliament, raising wider issues of public accountability for public expenditure.

Suggested Citation

  • Allyson M. Pollock & David Price, 2008. "Has the NAO Audited Risk Transfer in Operational Private Finance Initiative Schemes?," Public Money & Management, Taylor & Francis Journals, vol. 28(3), pages 173-178, June.
    • Handle: RePEc:taf:pubmmg:v:28:y:2008:i:3:p:173-178
    DOI: 10.1111/j.1467-9302.2008.00640.x
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    Cited by:

    1. Jean Shaoul, 2010. "A Review of Transport Public–Private Partnerships in the UK," Chapters, in: Graeme A. Hodge & Carsten Greve & Anthony E. Boardman (ed.), International Handbook on Public–Private Partnerships, chapter 24, Edward Elgar Publishing.
    2. Khadaroo, Iqbal, 2014. "The valuation of risk transfer in UK school public private partnership contracts," The British Accounting Review, Elsevier, vol. 46(2), pages 154-165.
    3. Ranjith Appuhami & Sujatha Perera & Hector Perera, 2011. "Management Controls in Public–Private Partnerships: An Analytical Framework," Australian Accounting Review, CPA Australia, vol. 21(1), pages 64-79, March.
    4. Istemi Demirag & Iqbal Khadaroo, 2011. "Accountability and value for money: a theoretical framework for the relationship in public–private partnerships," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(2), pages 271-296, May.
    5. Alena Podaneva & Pierre Picard, 2023. "Facility Management Services in UK Hospitals: in-house or outsourcing," DEM Discussion Paper Series 23-15, Department of Economics at the University of Luxembourg.
    6. Ole Helby Petersen, 2010. "Regulation of public--private partnerships: the Danish case," Public Money & Management, Taylor & Francis Journals, vol. 30(3), pages 175-182, May.

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