Magazine article Public Finance

Treasury Will Not Compensate for Failed PFI Bids

Magazine article Public Finance

Treasury Will Not Compensate for Failed PFI Bids

Article excerpt

The government's top adviser on the Private Finance Initiative has rejected demands by private contractors that they should be compensated for the costs incurred on unsuccessful bids for contracts.

Richard Abadie, head of the Treasury's PFI unit, has ruled out using taxpayers' money to subsidise procurement competitions as a means of attracting more companies into the market.

Instead Abadie, who is on secondment at the Treasury from PricewaterhouseCoopers, said the government would address contractors' concerns by improving bidding processes.

'We are aware of the private sector's concerns surrounding bid costs and procurement timescales,' Abadie said. Our focus, however, remains on putting in place the skills and structures that minimise these concerns, and we do not believe that reimbursing bidding costs is an appropriate solution.'

Abadie made his comments in the Public Private Partnerships Global Credit Survey 2O05, published by ratings agency Standard & Poor's on April 25. …

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