HISTORIC PRESS RELEASE : Another step in the right direction for PFI [July 1997]

The press release issued by HM Treasury on 28 July 1997.

Paymaster General Geoffrey Robinson today welcomed a new Step-by-Step Guide to PFI.  The guidance is the first to be published since the recent review of the Private Finance Initiative by Malcolm Bates and a swift response to his recommendation that such a guide needed early publication.

Mr Robinson said;

“The hardest part of any project is knowing where to start.  For anyone from the public or private sector setting out on a PFI project, this guide provides answers to the basic questions.  It will save time and effort by helping make sure that projects are properly thought out from the start.

“The guide will prove to be a useful tool.  It describes each stage of the process, indicates what appraisal needs to be done and what decisions need to be taken.  A sound project requires a robust business analysis.  The business case will develop with the project but to smooth out and speed up the process it is important to know what to do at each stage.

“With the review,  we laid the foundations on which the public and private sectors can build long-term relationships. The publication of this guide is evidence of our commitment to seeing the recommendations through and build value for money partnerships with the private sector which will benefit us all.”