Private finance initiative | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-03

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Private_finance_initiative


00:01:19 1 Overview
00:02:19 2 Mechanics
00:02:28 2.1 Contracts
00:05:08 2.2 Structure of providers
00:06:00 2.3 Method of funding
00:07:53 3 United Kingdom
00:08:02 3.1 Development
00:17:26 3.2 PF2
00:18:50 3.2.1 Scotland
00:19:38 3.3 Examples of projects
00:20:23 3.4 Impact
00:20:32 3.4.1 Analysis
00:24:42 3.4.2 National Health Service (NHS)
00:29:23 3.4.2.1 Private sector
00:29:39 3.4.3 Employment
00:32:11 3.4.4 Debt
00:37:03 3.4.5 Risk
00:39:12 3.4.6 Value for money
00:41:10 3.4.7 Tax
00:42:22 3.4.8 Bureaucracy
00:43:39 3.4.9 Complexity
00:44:45 3.4.10 Waste
00:46:14 3.5 Relationship with government
00:46:24 3.5.1 Treasury
00:49:31 3.5.2 Scrutiny
00:50:39 3.5.3 Local government
00:51:16 3.5.4 Appraisal process
00:52:51 4 Development in other countries
00:53:23 4.1 Spain
00:53:46 5 See also



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SUMMARY
=======
The private finance initiative (PFI) is a way of creating "public–private partnerships" (PPPs) where private firms are contracted to complete and manage public projects.  Developed initially by the governments of Australia and the United Kingdom, and used extensively there and in Spain, PFI and its variants have now been adopted in many countries as part of the wider programme of privatisation and financialisation, and presented as a means for increasing accountability and efficiency for public spending. According to critics, PFI has been used simply to place a great amount of debt "off-balance-sheet".PFI has been controversial in the UK; the National Audit Office felt in 2003 that it provided good value for money overall. However, in 2011 the Parliamentary Treasury Select Committee found that "PFI should be brought on balance sheet. The Treasury should remove any perverse incentives unrelated to value for money by ensuring that PFI is not used to circumvent departmental budget limits. It should also ask the OBR to include PFI liabilities in future assessments of the fiscal rules".