DOCSLIB.ORG

Private Finance 2

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Private Finance 2 House of Commons Treasury Committee Private Finance 2 Tenth Report of Session 2013–14 Volume I: Report, together with formal minutes, and oral evidence Written evidence is contained in Volume II, available on the Committee website at www.parliament.uk/treascom. Ordered by the House of Commons to be printed 12 March 2014 HC 97 [Incorporating HC 990, Session 2012–13] Published June 2014 by authority of the House of Commons London: The Stationery Office Limited £14.50 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. All publications of the Committee (including press notices) and further details can be found on the Committee’s web pages at www.parliament.uk/treascom. Membership at time of the report Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) Mark Garnier MP (Conservative, Wyre Forest) Stewart Hosie MP (Scottish National Party, Dundee East) Andrea Leadsom MP (Conservative, South Northamptonshire) Mr Andy Love MP (Labour, Edmonton) John Mann MP (Labour, Bassetlaw) Mr Pat McFadden MP (Labour, Wolverhampton South West) Mr George Mudie MP (Labour, Leeds East) Mr Brooks Newmark MP (Conservative, Braintree) Jesse Norman MP (Conservative, Hereford and South Herefordshire) Teresa Pearce MP (Labour, Erith and Thamesmead) David Ruffley MP (Conservative, Bury St Edmunds) John Thurso MP (Liberal Democrat, Caithness, Sutherland, and Easter Ross) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at www.parliament.uk/treascom. The Reports of the Committee, the formal minutes relating to that report, oral evidence taken and some or all written evidence are available in printed volume(s). Additional written evidence may be published on the internet only. Committee staff The current staff of the Committee are Chris Stanton (Clerk), Anne-Marie Griffiths (Second Clerk), Adam Wales and Gavin Thompson (Senior Economists), Hansen Lu, Thomas Francis (on secondment from the FCA), and Gregory Stevens (on secondment from the Bank of England), Callum Saunders (on secondment from the NAO) (Committee Specialists), Steven Price (Senior Committee Assistant), Alithea Williams and Paul Little (Committee Assistants). Contacts All correspondence should be addressed to the Clerk of the Treasury Committee, House of Commons, 7 Millbank, London SW1P 3JA. The telephone number for general enquiries is 020 7219 5769; the Committee’s email address is [email protected] Private Finance 2 1 Contents Report Page 1 Introduction 2 The Private Finance Initiative 2 Private finance 2 6 Our inquiry 7 2 Accounting and budgetary incentives 8 Incentives to use PFI 8 Abolition of PFI credits 9 PF2 proposals 10 Accounting treatment 10 PF2 control total 12 3 Value for money 15 Public sector minority equity stake 15 Cost of finance 17 Equity cost 19 Public sector returns 20 Risk transfer 23 Comparison of procurement options 23 NAO review of the VFM assessment process 25 Transparency 29 Service agreements 31 4 Securing private investment 34 Willingness to invest 35 Potential influences on investment 36 Deal flow 36 Pension Investment Platform 37 Securing investment through PF2 38 Conclusions and recommendations 41 Formal Minutes 44 Witnesses 45 List of written evidence 45 List of Reports from the Committee during the current Parliament 46 2 Private Finance 2 1 Introduction The Private Finance Initiative 1. In November 1992 the then Chancellor of the Exchequer, Norman Lamont, made an announcement in the Autumn Statement about “ways to increase the scope for private financing of capital projects”.1 This was the beginning of what was to become known as the Private Finance Initiative (PFI), through which groups of private investors manage the design, building, finance and operation of public infrastructure. By the time the Labour government came to power in 1997 a total of 68 PFI projects, worth around £4 billion, had been signed. In May 1997, the new government commissioned Sir Malcolm Bates to conduct a review of the Private Finance Initiative. The aim of the review was to “identify obstacles” in the way of PFI projects and establish how the process could be streamlined.2 One of the recommendations of the review was to abolish the Private Finance Panel (see paragraph 3). By November 1999, a further £5 billion worth of PFI projects had been signed.3 The current coalition government, formed in May 2010, remained committed to the Private Finance Initiative as a way of delivering investment in infrastructure.4 In total, 61 new PFI projects were in the procurement stage as of March 2011, with a total estimated investment value of £7 billion. By March 2013, over 700 PFI projects were operating under contract, with a private sector investment value of around £55 billion.5 2. In a typical PFI project, the private sector party is constituted as a Special Purpose Vehicle (SPV). The financing of the initial capital investment (i.e. the capital required to pay transaction costs, buy land and build the infrastructure) is provided by a combination of share capital and loan stock from the owners of the SPV, together with senior debt6 from banks or bond-holders. The return on both equity and debt capital is sourced from the periodic “unitary charge”, which is paid by the public authority from the point at which the contracted facility is available for use. The unitary charge may be reduced (to a limited degree) in certain circumstances: e.g. if there is a delay in construction, if the contracted facility is not fully operational, or if services fail to meet contracted standards. A condition for acceptance as a PFI project originally was the transfer of project risks from the public to the private sector. 3. PFI was a departure from what were known as the ‘Ryrie Rules’ which had governed and restricted the use of private finance in the 1980s.7 In particular, PFI widened the circumstances where private finance could be used and allowed private finance which would be additional to, rather than a substitute for, public finance.8 In Autumn 1993, the 1 HC Deb (1992–93), 12 November 1992, col 998 [Commons Chamber] 2 Treasury Committee, Fourth Report of Session 1999–00, The Private Finance Initiative, HC 147, Ev 18 3 Treasury Committee, Fourth Report of Session 1999–00, The Private Finance Initiative, HC 147, Ev 17 4 HM Treasury, Public Private Partnership – Technical Update, 2010, p 1 5 HM Treasury, Private Finance Initiative Projects: 2013 Summary Data, December 2013, para 1.5, p 3 6 Debt which has a higher repayment priority compared to other types of unsecured debt in the event of liquidation. If a company goes bankrupt, senior debt holders are repaid before holders of unsecured debt. 7 David Heald and Alasdair McLeod, Constitutional Law, The Laws of Scotland: Stair Memorial Encyclopaedia: Public Expenditure, 2002, para 502 8 HC Deb (1992–93), 12 November 1992, col 998 [Commons Chamber] Private Finance 2 3 then Chancellor Kenneth Clarke announced the creation of a Private Finance Panel (PFP) whose role included identifying “new areas of public sector activity where the private sector could get involved”, encouraging “greater participation in the initiative by both public and private sectors” and seeking “solutions to any problems that might impede progress”. In 1994, he told the CBI conference that “private sector finance would be the main source of growth” in public investment projects and that the Treasury would not approve capital projects unless private finance options had been explored.9 In 1997, the new Labour government announced an end to the requirement to consider private finance for all capital projects and abolished the PFI Panel in favour of a taskforce within the Treasury: In light of the reduced requirement to promote the concepts of PFI throughout the public and private sectors, there is no ongoing requirement for a Panel of senior private sector members. Their work over the 4 years of giving credibility to the Initiative has been valuable and should be publicly acknowledged.10 This taskforce was later replaced by the organisation Partnerships UK which itself became a Public Private Partnership in 2001.11 4. The overall aim of PFI was “to achieve better value for money for the taxpayer by ensuring that infrastructure projects were delivered to time and to cost, and that assets were well maintained”, by “harnessing the private sector’s efficiency, management and commercial expertise”. It was intended to bring “greater discipline to the procurement of public infrastructure” and creating, “through the transfer of appropriate risks to the private sector, a clear focus on the whole of life costs of projects and an innovative approach to service delivery”.12 5. The case for attempting reform of public procurement was strong at the time PFI was launched, given the chequered record of conventional public procurements in the 1970s and 1980s. For example, the construction of the Dungeness B power station took 13 years longer than planned and cost well over twice the original estimate. The Advanced Passenger Train was pushed into service before technical issues had been resolved, resulting in the project being cancelled.13 6. Despite the positive intent, some aspects of PFI did not work effectively in practice.14 As early as the late 1990s, concerns were beginning to be raised by the National Audit Office and others over the economy, effectiveness and efficiency of PFI deals.15 Concerns grew as projects progressed and the use of PFI expanded.
Load more

Recommended publications
  • Parliamentary Debates (Hansard)
    Thursday Volume 507 11 March 2010 No. 55 HOUSE OF COMMONS OFFICIAL REPORT PARLIAMENTARY DEBATES (HANSARD) Thursday 11 March 2010 £5·00 © Parliamentary Copyright House of Commons 2010 This publication may be reproduced under the terms of the Parliamentary Click-Use Licence, available online through the Office of Public Sector Information website at www.opsi.gov.uk/click-use/ Enquiries to the Office of Public Sector Information, Kew, Richmond, Surrey TW9 4DU; e-mail: [email protected] 409 11 MARCH 2010 410 too important to be done on the cheap, and that there is House of Commons no substitute in many parts of the country and with many target groups for knocking on doors, finding out Thursday 11 March 2010 who lives there and making sure that they are registered to vote? The House met at half-past Ten o’clock Mr. Streeter: The hon. Gentleman is absolutely right, and that is the responsibility of electoral returning officers throughout the country.The Electoral Commission PRAYERS is introducing better and clearer guidelines for them on the activity that it expects. The hon. Gentleman is [MR.SPEAKER in the Chair] absolutely right to say that we must find those young people and make sure that they are put on the electoral register so that they are at least given the opportunity to Oral Answers to Questions vote come polling day. Sir Robert Smith (West Aberdeenshire and Kincardine) (LD): One very worrying thing about young people not voting is that they are the people on whom the decisions ELECTORAL COMMISSION COMMITTEE will have the longest-term effect.
    [Show full text]
  • House of Commons Official Report
    Monday Volume 650 26 November 2018 No. 212 HOUSE OF COMMONS OFFICIAL REPORT PARLIAMENTARY DEBATES (HANSARD) Monday 26 November 2018 © Parliamentary Copyright House of Commons 2018 This publication may be reproduced under the terms of the Open Parliament licence, which is published at www.parliament.uk/site-information/copyright/. HER MAJESTY’S GOVERNMENT MEMBERS OF THE CABINET (FORMED BY THE RT HON. THERESA MAY, MP, JUNE 2017) PRIME MINISTER,FIRST LORD OF THE TREASURY AND MINISTER FOR THE CIVIL SERVICE—The Rt Hon. Theresa May, MP CHANCELLOR OF THE DUCHY OF LANCASTER AND MINISTER FOR THE CABINET OFFICE—The Rt Hon. David Lidington, MP CHANCELLOR OF THE EXCHEQUER—The Rt Hon. Philip Hammond, MP SECRETARY OF STATE FOR THE HOME DEPARTMENT—The Rt Hon. Sajid Javid, MP SECRETARY OF STATE FOR FOREIGN AND COMMONWEALTH AFFAIRS—The Rt. Hon Jeremy Hunt, MP SECRETARY OF STATE FOR EXITING THE EUROPEAN UNION—The Rt Hon. Stephen Barclay, MP SECRETARY OF STATE FOR DEFENCE—The Rt Hon. Gavin Williamson, MP LORD CHANCELLOR AND SECRETARY OF STATE FOR JUSTICE—The Rt Hon. David Gauke, MP SECRETARY OF STATE FOR HEALTH AND SOCIAL CARE—The Rt Hon. Matt Hancock, MP SECRETARY OF STATE FOR BUSINESS,ENERGY AND INDUSTRIAL STRATEGY—The Rt Hon. Greg Clark, MP SECRETARY OF STATE FOR INTERNATIONAL TRADE AND PRESIDENT OF THE BOARD OF TRADE—The Rt Hon. Liam Fox, MP SECRETARY OF STATE FOR WORK AND PENSIONS—The Rt Hon. Amber Rudd, MP SECRETARY OF STATE FOR EDUCATION—The Rt Hon. Damian Hinds, MP SECRETARY OF STATE FOR ENVIRONMENT,FOOD AND RURAL AFFAIRS—The Rt Hon.
    [Show full text]
  • Copy of 2008122008-Cwells-Regulated
    1 donation information continues on reverse Late reported donation by regulated donees 15 February 2001 - 31 January 2008 (where data is available) Regulated donee Donor organisation Donor forename Donor surname Donor status Address 1 Address 2 Jimmy Hood MP BAA Plc Company 130 Wilton Road Keith Simpson MP BAA Plc Company 130 Wilton Road Cheryl Gillan MP BAA Plc Company 130 Wilton Road Elfyn Llwyd MP BAA Plc Company 130 Wilton Road Ian Stewart MP BAA Plc Company 130 Wilton Road Ian Stewart MP Manchester Airport Plc Company PO Box 532 Town Hall John Gummer MP BAA Plc Company 130 Wilton Road Christopher Beazles BAA Plc Company 130 Wilton Road Chris Smith MP BAA Plc Company 130 Wilton Road Mike Weir MP BAA Plc Company 130 Wilton Road Tony Worthington MP BAA Plc Company 130 Wilton Road Ian Davidson MP BAA plc Company 130 Wilton Road Paul Tyler BAA Plc Company 130 Wilton Road Matthew Taylor MP BAA Plc Company 130 Wilton Road Menzies Campbell MP BAA Plc Company 130 Wilton Road Archy Kirkwood BAA Plc Company 130 Wilton Road David Hanson MP BAA Plc Company 130 Wilton Road Colin Breed MP BAA Plc Company 130 Wilton Road David Marshall MP BAA Plc Company 130 Wilton Road Mark Oaten MP BAA Plc Company 130 Wilton Road Diana Wallis MEP Manchester Airport Plc Company PO Box 532 Town Hall Christopher Ruane MP BAA Plc Company 130 Wilton Road Tim Loughton MP BAA Plc Company 130 Wilton Road Robert Wareing MP BAA Plc Company 130 Wilton Road Robert Wareing MP Manchester Airport Plc Company PO Box 532 Town Hall John McFall MP BAA Plc Company 130 Wilton Road
    [Show full text]
  • Government's Response
    House of Commons Liaison Committee Civil Service: lacking capacity: Government response to the Committee’s First Report of Session 2013–14 First Special Report of Session 2013–14 Ordered by the House of Commons to be printed 1 April 2014 HC 1216 Published on 2 April 2014 by authority of the House of Commons London: The Stationery Office Limited £5.00 Liaison Committee The Liaison Committee is appointed to consider general matters relating to the work of select committees; to advise the House of Commons Commission on select committees; to choose select committee reports for debate in the House and to hear evidence from the Prime Minister on matters of public policy. Current membership Rt Hon Sir Alan Beith MP (Liberal Democrat, Berwick-upon-Tweed) (Chair) The Chair of the following Select Committees are members of the Liaison Committee: Administration – Rt Hon Sir Alan Haselhurst MP (Conservative, Saffron Walden) Backbench Business – Natascha Engel MP (Labour, North East Derbyshire) Business, Innovation and Skills – Mr Adrian Bailey MP (Labour/Co-op, West Bromwich West) Communities and Local Government – Mr Clive Betts MP (Labour, Sheffield South East) Culture, Media and Sport – Mr John Whittingdale MP (Conservative, Maldon) Defence – Rt Hon James Arbuthnot MP (Conservative, North East Hampshire) Education – Mr Graham Stuart MP (Conservative, Beverley and Holderness) Energy and Climate Change – Mr Tim Yeo MP (Conservative, South Suffolk) Environmental Audit – Joan Walley MP (Labour, Stoke-on-Trent North) Environment, Food and Rural Affairs
    [Show full text]
  • Stewart2019.Pdf
    Political Change and Scottish Nationalism in Dundee 1973-2012 Thomas A W Stewart PhD Thesis University of Edinburgh 2019 Abstract Prior to the 2014 independence referendum, the Scottish National Party’s strongest bastions of support were in rural areas. The sole exception was Dundee, where it has consistently enjoyed levels of support well ahead of the national average, first replacing the Conservatives as the city’s second party in the 1970s before overcoming Labour to become its leading force in the 2000s. Through this period it achieved Westminster representation between 1974 and 1987, and again since 2005, and had won both of its Scottish Parliamentary seats by 2007. This performance has been completely unmatched in any of the country’s other cities. Using a mixture of archival research, oral history interviews, the local press and memoires, this thesis seeks to explain the party’s record of success in Dundee. It will assess the extent to which the character of the city itself, its economy, demography, geography, history, and local media landscape, made Dundee especially prone to Nationalist politics. It will then address the more fundamental importance of the interaction of local political forces that were independent of the city’s nature through an examination of the ability of party machines, key individuals and political strategies to shape the city’s electoral landscape. The local SNP and its main rival throughout the period, the Labour Party, will be analysed in particular detail. The thesis will also take time to delve into the histories of the Conservatives, Liberals and Radical Left within the city and their influence on the fortunes of the SNP.
    [Show full text]
  • Appendix to Memorandum of Law on Behalf of United
    APPENDIX TO MEMORANDUM OF LAW ON BEHALF OF UNITED KINGDOM AND EUROPEAN PARLIAMENTARIANS AS AMICI CURIAE IN SUPPORT OF PETITIONER’S MOTION FOR A PRELIMINARY INJUNCTION LIST OF AMICI HOUSES OF PARLIAMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND AND MEMBERS OF THE EUROPEAN PARLIAMENT House of Lords The Lord Ahmed The Lord Alderdice The Lord Alton of Liverpool, CB The Rt Hon the Lord Archer of Sandwell, QC PC The Lord Avebury The Lord Berkeley, OBE The Lord Bhatia, OBE The Viscount Bledisloe, QC The Baroness Bonham-Carter of Yarnbury The Rt Hon the Baroness Boothroyd, OM PC The Lord Borrie, QC The Rt Hon the Baroness Bottomley of Nettlestone, DL PC The Lord Bowness, CBE DL The Lord Brennan, QC The Lord Bridges, GCMG The Rt Hon the Lord Brittan of Spennithorne, QC DL PC The Rt Hon the Lord Brooke of Sutton Mandeville, CH PC The Viscount Brookeborough, DL The Rt Hon the Lord Browne-Wilkinson, PC The Lord Campbell of Alloway, ERD QC The Lord Cameron of Dillington The Rt Hon the Lord Cameron of Lochbroom, QC The Rt Rev and Rt Hon the Lord Carey of Clifton, PC The Lord Carlile of Berriew, QC The Baroness Chapman The Lord Chidgey The Lord Clarke of Hampstead, CBE The Lord Clement-Jones, CBE The Rt Hon the Lord Clinton-Davis, PC The Lord Cobbold, DL The Lord Corbett of Castle Vale The Rt Hon the Baroness Corston, PC The Lord Dahrendorf, KBE The Lord Dholakia, OBE DL The Lord Donoughue The Baroness D’Souza, CMG The Lord Dykes The Viscount Falkland The Baroness Falkner of Margravine The Lord Faulkner of Worcester The Rt Hon the
    [Show full text]
  • Z675928x Margaret Hodge Mp 06/10/2011 Z9080283 Lorely
    Z675928X MARGARET HODGE MP 06/10/2011 Z9080283 LORELY BURT MP 08/10/2011 Z5702798 PAUL FARRELLY MP 09/10/2011 Z5651644 NORMAN LAMB 09/10/2011 Z236177X ROBERT HALFON MP 11/10/2011 Z2326282 MARCUS JONES MP 11/10/2011 Z2409343 CHARLOTTE LESLIE 12/10/2011 Z2415104 CATHERINE MCKINNELL 14/10/2011 Z2416602 STEPHEN MOSLEY 18/10/2011 Z5957328 JOAN RUDDOCK MP 18/10/2011 Z2375838 ROBIN WALKER MP 19/10/2011 Z1907445 ANNE MCINTOSH MP 20/10/2011 Z2408027 IAN LAVERY MP 21/10/2011 Z1951398 ROGER WILLIAMS 21/10/2011 Z7209413 ALISTAIR CARMICHAEL 24/10/2011 Z2423448 NIGEL MILLS MP 24/10/2011 Z2423360 BEN GUMMER MP 25/10/2011 Z2423633 MIKE WEATHERLEY MP 25/10/2011 Z5092044 GERAINT DAVIES MP 26/10/2011 Z2425526 KARL TURNER MP 27/10/2011 Z242877X DAVID MORRIS MP 28/10/2011 Z2414680 JAMES MORRIS MP 28/10/2011 Z2428399 PHILLIP LEE MP 31/10/2011 Z2429528 IAN MEARNS MP 31/10/2011 Z2329673 DR EILIDH WHITEFORD MP 31/10/2011 Z9252691 MADELEINE MOON MP 01/11/2011 Z2431014 GAVIN WILLIAMSON MP 01/11/2011 Z2414601 DAVID MOWAT MP 02/11/2011 Z2384782 CHRISTOPHER LESLIE MP 04/11/2011 Z7322798 ANDREW SLAUGHTER 05/11/2011 Z9265248 IAN AUSTIN MP 08/11/2011 Z2424608 AMBER RUDD MP 09/11/2011 Z241465X SIMON KIRBY MP 10/11/2011 Z2422243 PAUL MAYNARD MP 10/11/2011 Z2261940 TESSA MUNT MP 10/11/2011 Z5928278 VERNON RODNEY COAKER MP 11/11/2011 Z5402015 STEPHEN TIMMS MP 11/11/2011 Z1889879 BRIAN BINLEY MP 12/11/2011 Z5564713 ANDY BURNHAM MP 12/11/2011 Z4665783 EDWARD GARNIER QC MP 12/11/2011 Z907501X DANIEL KAWCZYNSKI MP 12/11/2011 Z728149X JOHN ROBERTSON MP 12/11/2011 Z5611939 CHRIS
    [Show full text]
  • Brief Amicus Curiae of the Senate of the United Mexican States, Et
    No. 08-987 IN THE RUBEN CAMPA, RENE GONZALEZ, ANTONIO GUERRERO, GERARDO HERNANDEZ, AND LUIS MEDINA, Petitioners, v. UNITED STATES OF AMERICA, Respondent. On Petition for a Writ of Certiorari to the United States Court of Appeals for the Eleventh Circuit BRIEF IN SUPPORT OF PETITION FOR A WRIT OF CERTIORARI ON BEHALF OF THE SENATE OF THE UNITED MEXICAN STATES, THE NATIONAL ASSEMBLY OF PANAMA, MARY ROBINSON (UNITED NATIONS HIGH COMMISSIONER FOR HUMAN RIGHTS, 1997- 2002; PRESIDENT OF IRELAND, 1992-1997) AND LEGISLATORS FROM THE EUROPEAN PARLIAMENT AND THE COUNTRIES OF BRAZIL, BELGIUM, CHILE, GERMANY, IRELAND, JAPAN, MEXICO, SCOTLAND AND THE UNITED KINGDOM ______________ Michael Avery Counsel of Record Suffolk Law School 120 Tremont Street Boston, MA 02108 617-573-8551 ii AMICI CURIAE The Senate of the United Mexican States The National Assembly of Panama Mary Robinson (United Nations High Commissioner for Human Rights, 1997-2002; President of Ireland, 1992-1997) Legislators from the European Parliament Josep Borrell Fontelles, former President Enrique Barón Crespo, former President Miguel Ángel Martínez, Vice-President Rodi Kratsa-Tsagaropoulou, Vice-President Luisa Morgantini, Vice-President Mia De Vits, Quaestor Jo Leinen, Chair of the Committee on Constitutional Affairs Richard Howitt, Vice-Chair of the Subcommittee on Human Rights Guisto Catania, Vice-Chair of the Committee on Civil Liberties, Justice and Home Affairs Willy Meyer Pleite, Vice-Chair of the Delegation to the Euro-Latin American Parliamentary Assembly Edite Estrela, Vice-Chair
    [Show full text]
  • Infrastructure Finance Review Consultation
    Infrastructure Finance Review consultation March 2019 Infrastructure Finance Review consultation March 2019 © Crown copyright 2019 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open- government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-912809-48-6 PU2247 Contents Foreword 2 Chapter 1 Executive summary and review process 3 Chapter 2 The infrastructure finance market 7 Chapter 3 Investment models and existing tools 18 Chapter 4 Governance 26 Annex A International comparisons 30 Annex B Consultation questions 36 1 Foreword This government is committed to improving and renewing our infrastructure. This matters for increasing productivity and boosting growth, but it also matters for our everyday lives and quality of life. The infrastructure we are developing needs to be adaptable to fast growing technological change, from autonomous vehicles and electric cars to the next generation of broadband and harnessing the power of data to improve delivery and maintenance. Both the public and private sectors will need to play their part. The government has already made great strides – in the last few years we have established the National Infrastructure Commission (NIC) and the Infrastructure and Projects Authority, created the £37 billion National Productivity Investment Fund to target spending in critical areas, and set out plans that will see public investment rise to levels not consistently sustained for 40 years.
    [Show full text]
  • Download (9MB)
    A University of Sussex PhD thesis Available online via Sussex Research Online: http://sro.sussex.ac.uk/ This thesis is protected by copyright which belongs to the author. This thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the Author The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the Author When referring to this work, full bibliographic details including the author, title, awarding institution and date of the thesis must be given Please visit Sussex Research Online for more information and further details 2018 Behavioural Models for Identifying Authenticity in the Twitter Feeds of UK Members of Parliament A CONTENT ANALYSIS OF UK MPS’ TWEETS BETWEEN 2011 AND 2012; A LONGITUDINAL STUDY MARK MARGARETTEN Mark Stuart Margaretten Submitted for the degree of Doctor of PhilosoPhy at the University of Sussex June 2018 1 Table of Contents TABLE OF CONTENTS ........................................................................................................................ 1 DECLARATION .................................................................................................................................. 4 ACKNOWLEDGMENTS ...................................................................................................................... 5 FIGURES ........................................................................................................................................... 6 TABLES ............................................................................................................................................
    [Show full text]
  • Web of Power
    Media Briefing MAIN HEADING PARAGRAPH STYLE IS main head Web of power SUB TITLE PARAGRAPH STYLE IS main sub head The UK government and the energy- DATE PARAGRAPH STYLE IS date of document finance complex fuelling climate change March 2013 Research by the World Development Movement has Government figures embroiled in the nexus of money and revealed that one third of ministers in the UK government power fuelling climate change include William Hague, are linked to the finance and energy companies driving George Osborne, Michael Gove, Oliver Letwin, Vince Cable climate change. and even David Cameron himself. This energy-finance complex at the heart of government If we are to move away from a high carbon economy, is allowing fossil fuel companies to push the planet to the government must break this nexus and regulate the the brink of climate catastrophe, risking millions of lives, finance sector’s investment in fossil fuel energy. especially in the world’s poorest countries. SUBHEAD PARAGRAPH STYLE IS head A Introduction The world is approaching the point of no return in the Energy-finance complex in figures climate crisis. Unless emissions are massively reduced now, BODY PARAGRAPH STYLE IS body text Value of fossil fuel shares on the London Stock vast areas of the world will see increased drought, whole Exchange: £900 billion1 – higher than the GDP of the countries will be submerged and falling crop yields could whole of sub-Saharan Africa.2 mean millions dying of hunger. But finance is continuing to flow to multinational fossil fuel companies that are Top five UK banks’ underwrote £170 billion in bonds ploughing billions into new oil, gas and coal energy.
    [Show full text]
  • Prosperity Without Growth?Transition the Prosperity to a Sustainable Economy 2009
    Prosperity without growth? The transition to a sustainable economy to a sustainable The transition www.sd-commission.org.uk Prosperity England 2009 (Main office) 55 Whitehall London SW1A 2HH without 020 7270 8498 [email protected] Scotland growth? Osborne House 1 Osbourne Terrace, Haymarket Edinburgh EH12 5HG 0131 625 1880 [email protected] www.sd-commission.org.uk/scotland Wales Room 1, University of Wales, University Registry, King Edward VII Avenue, Cardiff, CF10 3NS Commission Development Sustainable 029 2037 6956 [email protected] www.sd-commission.org.uk/wales Northern Ireland Room E5 11, OFMDFM The transition to a Castle Buildings, Stormont Estate, Belfast BT4 3SR sustainable economy 028 9052 0196 [email protected] www.sd-commission.org.uk/northern_ireland Prosperity without growth? The transition to a sustainable economy Professor Tim Jackson Economics Commissioner Sustainable Development Commission Acknowledgements This report was written in my capacity as Economics Commissioner for the Sustainable Development Commission at the invitation of the Chair, Jonathon Porritt, who provided the initial inspiration, contributed extensively throughout the study and has been unreservedly supportive of my own work in this area for many years. For all these things, my profound thanks. The work has also inevitably drawn on my role as Director of the Research group on Lifestyles, Values and Environment (RESOLVE) at the University of Surrey, where I am lucky enough to work with a committed, enthusiastic and talented team of people carrying out research in areas relevant to this report. Their research is evident in the evidence base on which this report draws and I’m as grateful for their continuing intellectual support as I am for the financial support of the Economic and Social Research Council (Grant No: RES-152-25-1004) which keeps RESOLVE going.
    [Show full text]