Magazine article Public Finance

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Magazine article Public Finance

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Article excerpt

* Please air your views by commenting at publicfinance.co.uk or email feedback@publicfinance.co.uk

Basis of PFI was flawed

* Why does Chris Everden think PFI is conceptually brilliant? (PFI Revisited, PF, November, page 36).

The public sector can borrow more cheaply and the DBO (design, build, operate) can function as well. In practice, hospitals are designed with significant input from doctors. Why cannot all these alleged advantages be obtained without all the strings and expensive risk transfers that were necessary to meet the accounting requirements of an operating lease? The accounting requirements drove decisions - not what would provide good value for money.

I write as a public sector audit partner in the heyday of PFI who examined a number of schemes and undertook research for an Audit Commission paper on PFI.

Chris Vanderweale

Stop the ideology

* Mark Williams says "with government debt hovering close to ? …

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