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The Private Finance Initiative In Local Government

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  • Rob Ball
  • David King

Abstract

This paper distinguishes between the Private Finance Initiative (PFI) and the more general Public Private Partnerships (PPP). It traces the growth of the initiative since its start in 1992 to the current day and considers the implications of PFI for the public finances. A number of economic issues are discussed including bidding costs, financing costs and whole life costing. The importance of risk transfer in the value for money analysis of PFI projects is emphasised and the extent to which risk actually is transferred is questioned. Finally, the contribution of PFI towards modernising public service is recognised but the Audit Commission's recommendation that a wider range of procurement tools ought to be considered is noted.

Suggested Citation

  • Rob Ball & David King, 2006. "The Private Finance Initiative In Local Government," Economic Affairs, Wiley Blackwell, vol. 26(1), pages 36-40, March.
    • Handle: RePEc:bla:ecaffa:v:26:y:2006:i:1:p:36-40
    DOI: 10.1111/j.1468-0270.2006.00610.x
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    Cited by:

    1. Miranda Sarmento, J. & Renneboog, L.D.R., 2014. "Public-Private Partnerships : Risk Allocation and Value for Money," Other publications TiSEM b9218010-a357-4c0a-805a-7, Tilburg University, School of Economics and Management.
    2. Miranda Sarmento, J. & Renneboog, L.D.R., 2014. "Anatomy of Public-Private Partnerships : Their Creation, Financing, and Renegotiations," Discussion Paper 2014-017, Tilburg University, Center for Economic Research.
    3. Gawel, Erik, 2011. "Political drivers of and barriers to Public-Private Partnerships: The role of political involvement," Working Papers 98, University of Leipzig, Faculty of Economics and Management Science.
    4. Moszoro, Marian & Krzyzanowska, Magdalena, 2011. "Implementing public-private partnerships in municipalities," IESE Research Papers D/908, IESE Business School.
    5. Chris Chan & Danny Forwood & Heather Roper & Chris Sayers, 2009. "Public Infrastructure Financing: An International Perspective," Staff Working Papers 0902, Productivity Commission, Government of Australia.

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