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The Royal Infirmary of Edinburgh: a case study on the workings of the Private Finance Initiative

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  • Margaret Cuthbert
  • Jim Cuthbert

Abstract

An examination of documents released under FOI legislation relating to the contract for a UK hospital PFI project enables a large number of problems to be identified in the procedures which led to the PFI contract. These problems relate to the nature of the risk transferred and to the assumptions made in assessing value for money and affordability. The authors suggest there is a need for much better training of those involved in PFI bids, and much more effective central scrutiny of deals as they are being struck to prevent further poor value PFI contracts. The analysis should therefore be of use to public sector bodies and researchers appraising future contracts. The findings of this research have wider implications than in the field of PFI.

Suggested Citation

  • Margaret Cuthbert & Jim Cuthbert, 2010. "The Royal Infirmary of Edinburgh: a case study on the workings of the Private Finance Initiative," Public Money & Management, Taylor & Francis Journals, vol. 30(6), pages 371-378, November.
    • Handle: RePEc:taf:pubmmg:v:30:y:2010:i:6:p:371-378
    DOI: 10.1080/09540962.2010.525007
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    References listed on IDEAS

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    1. Jean Shaoul, 2002. "New Developments: A Financial Appraisal of the London Underground Public-Private Partnership," Public Money & Management, Taylor & Francis Journals, vol. 22(2), pages 53-60, April.
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    Cited by:

    1. Pat Barrett, 2011. "Commentary: Performance Audit of PPPs – Getting the Basics Right," Australian Accounting Review, CPA Australia, vol. 21(1), pages 99-106, March.
    2. Miranda Sarmento, J. & Renneboog, L.D.R., 2014. "Public-Private Partnerships : Risk Allocation and Value for Money," Other publications TiSEM b9218010-a357-4c0a-805a-7, Tilburg University, School of Economics and Management.
    3. Cuthbert, J.R. & Cuthbert, M., 2012. "Why IRR is an inadequate indicator of costs and returns in relation to PFI schemes," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(6), pages 420-433.

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