Magazine article Public Finance

Wales to Take 'Better, More Joined-Up Approach' to Managing Capital Projects

Magazine article Public Finance

Wales to Take 'Better, More Joined-Up Approach' to Managing Capital Projects

Article excerpt

The Welsh Assembly Government is to set up a pan-public sector body to manage capital projects in the country to tackle delays and cost overruns, Andrew Davies has told Public Finance.

Wales' minister for finance and public service delivery said the Strategic Capital Investment Board will control around £500m of the country's £5bn capital investment budget, roughly 10%, over the next three years.

That proportion will increase if it proves a success, Davies told PF, and lead to greater pooling of capital budgets right across the public sector. It is the first time in the UK that public sector capital budgets have been combined on such an ambitious scale.

He said the SCIB will tackle skills shortages in areas such as procurement and project management and ensure that infrastructure schemes have robust, properly costed business cases.

'We are introducing a rigorous finance system that will allow us to have a clear idea of what we are spending money on, and a clear focus on outcomes,' Davies said. 'It's a better and more joined-up approach that will deliver much better value for the Welsh taxpayers' pound.'

Welsh public bodies, including local authorities, will bid for funding from the SCIB and will be expected to use a single methodology, known as the 'five-model business case'. …

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