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Topic: Private Finance Initiative

Ads by Google      Private Finance Initiative - Wikipedia, the free encyclopedia The Private Finance Initiative was begun under the Conservative government of John Major in 1992. The Private Finance Initiative specifies a method, developed initially by the United Kingdom government, to provide financial support for "Public-Private Partnerships" (PPPs) between the public and private sectors. Because the projects are more expensive in the Private sector (On average 30% more than if the Government borrowed the money and did the work in the Public sector) the payments to the Private owners of the PFI schemes are stretching already constricted Budgets. http://en.wikipedia.org/wiki/PFI   (1572 words)      The private finance initiative: The politics of the private finance initiative and the new NHS -- Gaffney et al. 319 ... The private finance initiative: The politics of the private finance initiative and the new NHS -- Gaffney et al. The politics of the private finance initiative and the new NHS The private finance initiative, as an explicit move towards the private provision of public services, is central to government http://bmj.bmjjournals.com/cgi/content/full/319/7204/249   (2806 words)      British Medical Journal: Private finance initiative - Letter to the Editor With the private finance initiative these risks are reduced by transfer to the private sector, which is best able to deal with them. Through the private finance initiative, the public purse pays for this over several years in revenue payments, but traditional procurement would have increased capital charges and rates. So we are now faced with the unaffordable costs of the private finance initiative at the Royal London and the extra costs of keeping Barts open. http://www.findarticles.com/p/articles/mi_m0999/is_7229_320/ai_59448781   (1350 words)      The Public/Private Finance Initiative Management is in the main drawn from the private sector of whom various stakeholders have various other interests within private finance. This in effect means that the lifespan costs of any contract between private finance and the public sector must be lower than using a public sector comparator. There are a number of factors that private investors have to consider in terms of their involvement in financing education e.g. http://www.newman.ac.uk/Students_Websites/~d.collison/ReviewofPFI.htm   (813 words)      transport economics - private finance initiative ("PFI") Unlike public sector organisations, the private sector is motivated by the profit motive. Private sector firms require high profits for assuming high risk Critics argue that increased profit margins exceed the potential savings from greater efficiency. Public Private Partnerships (PPP's) are joint ventures between private sector firms and public sector agencies. http://www.tutor2u.net/economics/content/topics/transport/transport_pfi.htm   (622 words)      Private finance initiative A second aspect of the private finance initiative involves the introduction of private sector disciplines to capital expenditure in the public sector. Everyone is impatient about the slow progress of the government's private finance initiative. The private finance initiative is a hopeless muddle created by the Treasury's attempt to evade its own, mostly sensible, rulebook. http://www.johnkay.com/political/17   (951 words)      private finance initiative In PFI deals, the public sector decides what service is required and the private sector is challenged to bid for the design, building, financing, and operation of the service. An idea suggested by the UK Labour Party when in opposition before 1997, and particularly by the deputy leader, John Prescott, who argued that the country's infrastructure (services) could be improved by combining public expenditure with private finance. Since assuming office in May 1997 the Labour government has kept the initiative alive by gaining the support of major companies for its investment plans and inviting industrialists to work in or with the administration. http://www.tiscali.co.uk/reference/encyclopaedia/hutchinson/m0064706.html   (211 words)      King's Fund - The Private Finance Initiative While its financing costs are higher than would be the case with public funding, the reduction in building and operating costs is often only just enough to compensate. After the election, the legislation required to give the private sector confidence to proceed was quickly passed. The merits of using private finance for hospital building are less clear. http://www.kingsfund.org.uk/news/briefings/the_private.html   (1081 words)      Manchester City Council Housing PFI information A private finance initiative - or PFI - is a new way of bringing investment into council estates. The private companies can bring new skills and financial expertise, as well as the power to borrow big money from banks to fund major improvements. The council, with government help, then gradually pays back the cost of this work to the private organisation over the length of contract - usually 30 years. http://www.manchester.gov.uk/housing/strategy/pfi/intro.htm   (211 words)      Private Finance Initiative: Britain leads the way - to disaster! The Treasury is doing an Arthur Andersen on the public finances. Arthur Andersen, the accountants last seen enthusiastically shredding evidence at Enron headquarters are masters of the black art of PFI finance. Under PFI the private sector reaps the profits while we pay for the losses. http://www.marxist.com/Economy/pfi.html   (5736 words)      THE PRIVATE FINANCE INITIATIVE AND PUBLIC PRIVATE PARTNERSHIPS private and voluntary sector providers accepting that higher standards of disclosure and transparency apply in the public sector than in the rest of the economy The Association of Chartered Certified Accountants (ACCA) is pleased to have been asked to provide evidence to the Finance Committee as part of the Scottish Parliament's enquiry into the Private Finance Initiative and Public Private Partnerships. The UK government is, however, convinced that 'the private and voluntary sectors can play a role…[and] where use of them can improve public services, nothing should stand in the way of their use' (Tony Blair 16 October 2001). http://www.accaglobal.com/technical/responses/archive/318449   (1423 words)      Private Finance Initiative may have had its day in the NHS, UK This would remove a key justification for PFI in healthcare, since a financing system which incurred heavy debts on the Government balance sheet overturns the argument for having PFI in the NHS at all, he concludes. Hospital trust boards initially welcomed the financing system, which they were told was the major way they could fund new facilities, paying investors back in annual instalments. Government enthusiasm for the Private Finance Initiative (PFI) in the health service - private sector investment in hospital building projects - may be dropping because of its high cost, says an editorial in this week's BMJ. http://www.medicalnewstoday.com/medicalnews.php?newsid=31762&nfid=rssfeeds   (389 words)      Public/Private Partnerships/Private Finance Initiative The private contractor takes responsibility for the require capital investment and is paid by the public sector organisation over the entire period of the contract. PFI is at the core of the PPP programme and can involve the private sector in creating (or buying) a new physical asset and the selling of a range of services to the Department built round the asset over an agreed period of time. The DPA Private Finance Group (for DPA projects), the DLO PPPG (for DLO projects) or other local Private Finance Units are the first points of contact for advice and support. http://www.lancs.ac.uk/depts/csec/isolus2/isolus4-13.htm   (1026 words)      Indymedia UK - The Private Finance Initiative So when a private company borrows money to build a hospital, that loan is already more expensive than if it had been publicly borrowed money. The PFI, or Private Finance Initiative, has been called by the Labour Government as "The Third Way". However, once the hospital is built, most of the risk dissappears because the company has a guaranteed income from the NHS for 25 to 30 years. http://www.indymedia.org.uk/en/2004/01/284632.html   (668 words)      UNISON the public service union - PFI The report analyses the failings of the government's private finance initiative and public private partnerships, highlighting high profile contracts which have failed and PFI companies, such as Ballast which went into receivership. The Private Finance Initiative (PFI) is the most frequently used initiative. Report released by UNISON proves that private finance initiative schemes do not out-perform public sector projects. http://www.unison.org.uk/pfi/index.asp   (665 words)      Private Finance Initiative The private sector borrows the money for the scheme and then the LEA pays an annual fee to the consortium under a long term operating contract for the services. The Private Finance Initiative is a mechanism developed by the Government to raise money to pay for new buildings and services. The PFI is one of the mechanisms that the Government supports for involving the private (business) sector in public sector projects which are grouped under the umbrella title Public Private Partnership (PPP). http://www.casenet.org.uk/pfi.html   (1895 words)      Private finance initiative (PFI) : The Department of Health - Procurement and proposals: Public private partnership Guidance notes issued by the private finance unit at DH which form part of an initiative to streamline the procurement of PFI schemes. The private finance initiative (PFI) provides a way of funding major capital investments, without immediate recourse to the public purse. The Private Finance Unit runs regular PFI Trust Forums at which both public and private sector bodies make presentations. http://www.dh.gov.uk/ProcurementAndProposals/PublicPrivatePartnership/PrivateFinanceInitiative/fs/en   (906 words)      Scotsman.com News - Private Finance Initiative - Unison issues plea to voters in anti-PFI campaign The union’s decision to voice its opposition to PFI and Public Private Partnership (PPP) schemes in the crucial period in the run-up to the Scottish Parliament and local government elections in May, will be a setback to Labour. THE biggest public sector union is to launch an £80,000 election campaign in which it will highlight its opposition to the use of private finance for the funding of public projects despite efforts by the Executive to meet its concerns over the issue. In a major initiative, Andy Kerr, the minister for finance and public services, recently announced the signing of a protocol aimed at ensuring that future PPP deals will safeguard the wages and conditions of employees. http://news.scotsman.com/topics.cfm?tid=571&id=1446452002   (651 words)      Private Finance Initiative The basic theory is that public institutions such as the health service, education, the military, taxation departments etc should, wherever possible have their new infrastructure investments funded, and to some extent managed by the private sector. The principal being that the government does not have to increase its public sector borrowing requirement; it can defer the risk of things going wrong; and that the private sector is much more skilled at implementing construction projects and has more expertise in managing large logistics-heavy corporations. It is a private sector company paying for a jointly-agreed project. http://www.chek.org.uk/pfi.html   (1066 words)      Sinn Féin: Private Finance Initiative The privatisation of waste collection services in Wicklow and Drogheda (Louth) in the year 2000 were a part of completing this long-term policy of privatising waste collection and disposal. It is widely considered that these PPP deals are a first step towards the privatisation, throughout the state, of waste collection and waste disposal, which will be paid for directly by the householder/consumer at ever-increasing costs. PPP is also set to increase in the south under the new National Development Finance Agency (NDFA), which advises state bodies on how to manage the finances of big projects while raising funds itself. http://www.sinnfein.ie/policies/document/151/7   (568 words)      SocietyGuardian.co.uk Society The private finance initiative is the main way of financing new public sector buildings. Jul 19: Struggling private finance initiative contractor Jarvis is in advanced talks to sell its highway maintenance division. Introduced by the Tories in 1992, it has since been expanded by the Labour government, eager to complete new capital-intensive projects without increasing public spending. http://society.guardian.co.uk/privatefinance   (259 words)      Public Private Partnerships By requiring the private sector to put its own capital at risk and to deliver clear levels of service to the public over the long term, PFI helps to deliver high quality public services and ensure that public assets are delivered on time and to budget. The Private Finance Initiative (PFI) is a small but important part of the Government's strategy for delivering high quality public services. In assessing where PFI is appropriate, the Government's approach is based on its commitment to efficiency, equity and accountability and on the Prime Minister's principles of public sector reform.  PFI is only used where it can meet these requirements and deliver clear value for money without sacrificing the terms and conditions of staff. http://hm-treasury.gov.uk/documents/public_private_partnerships/ppp_index.cfm   (213 words)      Private Finance Initiative (PFI) Information It is a way of bringing together private sector money and government grants to improve public sector services and could provide an additional £40 million of revenue funding each year. The PFI is a funding mechanism that uses private money to fund construction and maintenance projects in the public sector. The proposed Street Services PFI would provide over £2.22 billion revenue expenditure over a 25 year period compared to the £1.44 billion revenue budget that would be available to without the PFI. http://www.birmingham.gov.uk/GenerateContent?CONTENT_ITEM_ID=38188&CONTENT_ITEM_TYPE=0&MENU_ID=13596   (793 words)      Private Finance Initiative - UK 2004 Initial stages of PFI - evolution from its introduction in 1992 to the election of the Labour Government in 1997. Whilst since its inception PFI projects have been awarded by 19 Government departments, in 2003 94% of projects in capital value terms were accounted by just 6 departments. Furthermore, the high bid costs involved tend to favour larger companies or consortia able to absorb the costs in the event of a failed bid. http://www.marketresearch.com/researchindex/1060162.html   (1212 words)      Private Finance Initiative / Public Private Partnerships PFI Network has been developed by the Office of Government Commerce's Private Finance Unit to provide one-stop access to comprehensive information about PFI and assist the public sector PFI community to exchange information and to work more effectively. Private Finance Initiative / Public Private Partnerships (PFI / PPP) Access to additional PFI information, community members contact details and a discussion forum is available to members of the public sector involved with PPP / PFI, please use the registration facility to gain access. http://www.ogc.gov.uk/sdtoolkit/reference/ogc_library/pfi_ppp.html   (178 words)      CGLG05f. PFI (Private Finance Iniitiative) Baker, Brian, 2002, 'Swtiching on to PFI' (streetlighting and the private finance initiative), Surveyor 189 (5704), 7.11.02, pp16-18. PAN 55: The Private Finance Initiative and Planning, 1999. Bevan Brittan, 2004, 'The Future of the Private Finance Initiative', Bevan Brittan, http://www.bevanashford.co.uk/pressreleases/pfi,%20bb%20main.pdf http://www.nottingham.ac.uk/sbe/planbiblios/bibs/cenloc/05a.html   (1566 words)      UNISON Scotland PFI PPP/PFI in Scotland, Private Finance Initiative/Public Private Partnerships, The Scottish Parliament's Finance Committee Inquiry, The UNISON Scotland Evidence Projects escalate both in scale and cost leading to shortfalls which must be met from other services or by reductions in service provision. Initial UNISON Evidence to Local Government Committee Inquiry into Local Government Finance http://www.unison-scotland.org.uk/comms/pfi.html   (880 words)      Healthcare: The Private Finance Initiative However, under PFI, a private consortia (funder, building contractor, architect and facilities management company) finance, build and then service and maintain a new hospital in return for an agreed annual charge from the NHS for both the use of the building and the provision of non-clinical services over a period of 25 years or more. Guidance on preparing output specifications is included in Public Private Partnerships in the National Health Service: The Private Finance Initiative Good Practice Section One: The Selection and Preparation of Schemes. In order to be of any use to the private partners, enabling them to calculate risk and cost, ensure that the arts strategy has defined parameters. http://www.publicartonline.org.uk/practical/healthcare/pfi.html   (1900 words)      Private Finance Initiative - Unravelling PFI It seems as if it is the fate of the private finance initiative to be reviewed, examined, fiddled with, tweaked and held up for public scrutiny by innumerable interested parties. Last July, it said: 'The value of contracts awarded or pending award to the private sector (including those under the private finance initiative) is some £13bn. The PAC is unlikely to recommend that private finance be scrapped. http://www.accountancyage.com/articles/print/2019088   (1653 words)      Plymouth City Council - Private Finance Initiative PFI stands for Private Finance Initiative and plays an important role in the Government's investment plans for delivering public services, especially in health and education. Over many years, lack of investment in public services has contributed to a lowering of standards in schools and hospitals and a decline in the quality of public assets.  It aims to combine the security of value for money as well as efficient use of private capital to achieve its goals. http://www.plymouth.gov.uk/text/homepage/education/schoolspfi.htm   (277 words)      PPP: Key Documents index Following the publication of PFI: Meeting the Investment Challenge in July, HM Treasury is now publishing a Technical Note on the Credit Guarantee Finance scheme and draft documentation for the CGF programme, prepared for HM Treasury by Linklaters. Following the publication of PFI: Meeting the Investment Challenge July 2003, and discussions with both the public and private sector, HM Treasury has developed a Value for money Framework incorporating the reform of the Public Sector Comparator. The Advisory Council of Partnerships UK was set up by Treasury Ministers in 2001 to ensure that PUK fulfilled its public sector mission.  It is comprised of public sector individuals; representatives of Government Departments, the Devolved Administrations, Local Authorities and other public bodies that are amongst PUK’s most significant clients.  The Council meets twice yearly. http://www.hm-treasury.gov.uk/documents/public_private_partnerships/key_documents/ppp_keydocs_index.cfm   (352 words)      TeacherNet, Schools Private Finance Initiative A wall map is now available, for the first time from the Department for Education and Skills, showing the extent of Private Finance Initiative (PFI) and Public Private Partnership (PPP) projects throughout the UK, in the schools sector. Here on the Schools Private Finance Initiative area of TeacherNet you can find general information about the scheme, as well as publications and guidance and the TeacherNet has been developed by the Department for Education and Skills as a resource to support the education profession. http://www.teachernet.gov.uk/schoolsprivatefinanceinitiative   (556 words)      L319m Private Finance Initiative The Liberal Democrats have condemned a £319m Private Finance Initiative (PFI) project which allows the supplier ICL to receive...... http://81.144.183.106/A-Z/Landing/1001/1016240/Page1.htm   (28 words)      Public Private Partnerships & the Private Finance Initiative - PPP and PFI HEFCE PFI introduction and the Private Finance Unit Public Private Partnerships and the Private Finance Initiative - PPP and PFI Public Private Partnership Programme - 4Ps - Established to bring about increased investment in local authority services through PFI or other Public Private Partnerships. http://www.scottishlaw.org.uk/lawscotland/ppp.html   (423 words)      British Library Corner: The Private Finance Initiative It is expected that these developments will be achieved through partnering with the private sector, using the Private Finance Initiative (PFI). A market sounding exercise involves wide-ranging discussion with the private sector on the broad requirements which the Library has and will specify in the OJEC Notice. Some, such as that for the [6] Document Supply Centre, emerged as part of their business plan. http://webdoc.sub.gwdg.de/edoc/aw/ariadne/issue7/british-library   (984 words)      PFI - Private Finance Initiative- Moray Schools UNISON renewed its call for an independent review of the Private Finance Initiative (PFI) and whether it provides value for money, despite the Government publishing its own report into PFI. Organisations have to take account of TUPE when entering into agreements over outsourcing, Public Private Partnerships (PPPs), Private Finance Initiatives (PFIs), as well as buying and selling a business. LIFT is currently being widely promoted within the NHS for Primary Care Trusts wanting to invest in new premises such as GP’s surgeries and is spreading rapidly to financing for secondary schools and beyond. http://www.morayunison.co.uk/PFI.htm   (900 words)      PRIVATE FINANCE INITIATIVE However is not simply about the financing of capital investing in services, but about exploiting the full range of private sector management, commercial and creative skills. Its aim is to bring the private sector more directly into the provision of public services. A contract normally lasting for 30 years, will be signed by the Local Authority and the private sector ‘Operator’. http://www.first-call-housing.com/pfi_info.html   (312 words)      Private Finance Initiative The government has warned IT companies involved in Private Finance Initiative partnerships that go wrong that they could be...... The government's decision to stop funding future IT projects by the Private Finance Initiative could cause delays for new...... Customs & Excise is to pay an extra £249m to Fujitsu Services in an extension of a Private Finance Initiative contract signed in...... http://www.computerweekly.com/A-Z/Landing/1001/1030004/Page1.htm   (243 words)      the PFI . net - All the latest News and Project Information A new report by Unison has said that a private finance scheme to build £1bn worth of new GP surgeries is a bad deal for the NHS. or if you have any breaking news on the UK's Private Finance Initiative or Public Private Partnerships then contact newsdesk@thepfi.net If you have any problems or comments regarding this site please contact: http://www.thepfi.net   (391 words)      Sodexho - Private Finance Initiative Sodexho is committed to the Private Finance Initiative (PFI) and in developing Public Private Partnerships (PPP), both as an FM services provider and as an equity investor. At King's College Hospital PFI, we are responsible for 5,000 light fittings, 57,000m of pipework and 45,000m of cabling http://www.sodexho.co.uk/segments/pfi.htm   (186 words)      Private Finance Initiative (PFI) You are here: Home : Financing : Private Finance Initiative (PFI) The official web site for PFI and Public Private Partnerships in the UK and abroad http://www.qualisteam.com/Detailed/4400.html   (37 words)      Private Finance Initiative The Private Finance Initiative (PFI) was launched by Government in November 1992 to encourage private investment in areas of business previously regarded as the domain of the public sector. This approach has enabled the company to bring six projects to financial close since 1997, in partnership with consortium members. Building and Property has been active in the PFI market since its early stages and is recognised as a leader in winning PFI contracts. http://www.b-and-p.com/html/pfi.html   (180 words)      London Borough of Merton - Merton Secondary Schools PFI Project To find out more about private finance partnerships in the Education sector visit the DfES website. We sought to achieve this aim through the adoption of a Private Finance Initiative (PFI) project which permitted significant private sector capital investment at the six schools, combined with a long term contract for the upkeep of the school premises and delivery of key facility management services. You are here: Home > Learning > Schools > Private Finance Initiative http://www.merton.gov.uk/learning/schools/schoolspfi.htm   (449 words)      Topic - Private Finance Initiative Projects (PFI) AMS Topics - Private Finance Initiative Projects (PFI) Partnering & Private Finance Initiative - CSG PPFI Website Sponsors are currently reviewing extant guidance (See PPFI website in Reference Documents below). http://www.ams.mod.uk/ams/content/topics/pages/2594.htm   (158 words)      Scotsman.com News - Private Finance Initiative THE scandal-hit £550 million plans to renovate and replace eight rundown Edinburgh schools under a public private partnership were back on track today. THE sacked education chief blamed for almost wrecking a £550 million new schools plan is taking legal action against his former council bosses. PPP deal could see playground shut after hours http://news.scotsman.com/topics.cfm?tid=571   (503 words)      Public Private Partnerships Welcome to the DfES Public Private Partnerships website Contact names and numbers, (plus hyper-links to other web sites where available) http://www.dfes.gov.uk/ppppfi   (93 words)

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