Member Article

New code to drive efficiencies in PFI projects

A new code of conduct has been published for organisations involved in Public Private Partnerships (PPP) and Public Finance Initiatives (PFI).

The Treasury’s voluntary code sets out how public bodies and sector partners can make savings across contracts.

Around 50 organisations including investors, lenders, contractors and facilities management providers have already signed up to it.

The measures include a single point of contact for all parties involved on a project to ensure efficiency as well as further cost transparency measures, among other points.

Chief Secretary to the Treasury, Danny Alexander, said: “This government is committed to sustainable investment in schools, hospitals, prisons, fire stations and other buildings we need to deliver public services. But we have to make sure the taxpayer is getting maximum value for money, and that contracts are as efficient and transparent as possible.

“The work on Operational Savings, and the code itself, are further examples of how the government is working with the private sector to drive down the cost of infrastructure in the UK so that we can invest where it’s most needed.”

Jim Bligh, CBI head of Public Services Reform, said: “Investment in the UK’s infrastructure and public services is essential to growth. This new Code will support more constructive relationships between commissioners, financiers and service providers and should boost market confidence.

“We would encourage all businesses working with the Government through such partnerships to sign up.

“By working jointly to find further savings, improve contract flexibility and streamline project management, government and providers will be better placed to deliver value for money, effective services and a reasonable rate of return for investors.”

This was posted in Bdaily's Members' News section by Tom Keighley .