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831120

	registered interest
	date	26/01/2018
	answering body	Ministry of Housing, Communities and Local Government
	answering dept id	7
	answering dept short name	Housing, Communities and Local Government
	answering dept sort name	Housing, Communities and Local Government
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 1.25 of PFI and PF2, published by the NAO on 18 January 2018, HC 718, what plans his Department has to start recording data on the cost effectiveness of PFI deals.
	tabling member constituency	Colne Valley
	tabling member printed	Thelma Walker
	uin	125128
	answer	answer is ministerial correction date of answer 05/02/2018 answer text <p>My Department supports Public Finance Initiatives (PFI) Housing and Joint Service Centre projects contracted directly by local authorities. The majority of PFI projects date back to 1999-2010 and no PFIs have been set up since 2014. They were subject to extensive value for money assessments before authorities entered into them and, in 2011, the Department ran a savings exercise on projects still within their procurement stage which identified over £531 million of savings over the lifetime of remaining projects.</p><p>All PFI projects are now operational and authorities are expected to continue to seek to improve the value for money of their projects wherever possible. The Department offers advice and support directly to individual local authorities and holds network events to share best practice between local authorities on making savings on its supported Housing and Joint Service Centre PFI projects.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 05/02/2018 14:14:58 answering member 4483 label Biography information for Rishi Sunak
	tabling member	4649 label Biography information for Thelma Walker

1006098

	registered interest
	date	13/11/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what his Department's definition is of privately financed in relation to infrastructure projects.
	tabling member constituency	Richmond Park
	tabling member printed	Zac Goldsmith
	uin	190874
	answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>Private finance is a way to deliver infrastructure projects in which the private sector invests equity and/or lends in order to facilitate the development, delivery, and/or operation of a project, asset or entity with the expectation of earning a return on the investment.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 19/11/2018 13:38:37 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	4062 label Biography information for Lord Goldsmith of Richmond Park

911278

	registered interest
	date	24/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, when his Department plans to publish updated value for money assessment guidance on private finance initiatives.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	147787
	answer	answer is ministerial correction date of answer 08/06/2018 answer text <p>Updated guidance was provided in HM Treasury’s Green Book which was published on 6 March 2018.</p> answering member constituency Newark answering member printed Robert Jenrick grouped question UIN 147965 question first answered 08/06/2018 09:47:05 answering member 4320 label Biography information for Robert Jenrick
	tabling member	178 label Biography information for John McDonnell

911279

	registered interest
	date	24/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, when his Department plans to publish updated data on private finance initiative projects on his Department's website.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	147788
	answer	answer is ministerial correction date of answer 08/06/2018 answer text <p>Updated data on PFI and PF2 projects was published on 29 March 2018.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 08/06/2018 09:41:41 answering member 4320 label Biography information for Robert Jenrick
	tabling member	178 label Biography information for John McDonnell

911280

	registered interest
	date	24/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, with reference to the news item on UK PFI and PPP equity offshoring and tax avoidance published by the European Services Strategy Unit, if his Department will make an assessment of the implications for his Department's policies of that Unit's findings that almost half of all private finance initiative projects are majority owned by nine offshore infrastructure funds.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	147789
	answer	answer is ministerial correction date of answer 11/06/2018 answer text <p>As is normal practice, the government does not comment on taxpayer-specific cases. UK resident PFI contractors, facilities management services and fund management companies, regardless of their shareholders’ registered jurisdiction, will be charged UK corporation tax on profits earned within the UK.</p><p> </p><p>The government is clear that everyone must pay their fair share, and has taken significant steps domestically and internationally to ensure companies pay the right amount of tax.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 11/06/2018 09:19:05 answering member 4320 label Biography information for Robert Jenrick
	tabling member	178 label Biography information for John McDonnell

911281

	registered interest
	date	24/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, with reference to the report entitled PFI and PF2, published by the National Audit Office on 17 January 2018, what assessment his Department has made of the implications for his Department's policies of that report's findings that PF2 costs are around 40 per cent higher than similar projects financed by government borrowing; and if he will make a statement.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	147790
	answer	answer is ministerial correction date of answer 11/06/2018 answer text <p>The vast majority of PFI projects were signed under the last Labour government – 620, or 86% of all PFI projects in the UK. Since coming to office in 2010, this Government has reformed the approach so that now, PF2 contracts deliver better value for money for the taxpayer.</p><p> </p><p>We have also improved the VfM we get from existing PFI contracts, and this will deliver over £2 billion in efficiencies over the remaining life of the contracts.</p><p> </p><p>The Treasury Green Book is clear that, to compare the costs and benefits that occur at different times between different projects, a discount rate must be applied to the cashflows. This is standard practice in all economic appraisals as it provides a Net Present Cost for the different projects, which enables a proper comparison of the costs and benefits occurring at different times on a consistent basis.</p><p> </p><p>The NAO report’s finding that PF2 costs are around 40 per cent higher than similar projects financed by government borrowing is based on undiscounted cashflows and has not followed the Green Book guidance. It is not, therefore, an appropriate comparison.</p><p> </p> answering member constituency Newark answering member printed Robert Jenrick question first answered 11/06/2018 09:13:20 answering member 4320 label Biography information for Robert Jenrick
	tabling member	178 label Biography information for John McDonnell

911284

	registered interest
	date	24/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, which private finance initiative contracts are being delivered by contractors that his Department deem to be high risk.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	147791
	answer	answer is ministerial correction date of answer 11/06/2018 answer text <p>The vast majority of PFI projects were signed under the last Labour government – 620, or 86% of all PFI projects in the UK. Since coming to office in 2010, this Government has reformed the approach so that now, PF2 contracts deliver better value for money for the taxpayer.</p><p>We have improved the VfM we get from existing PFI contracts, and this will deliver over £2 billion in efficiencies over the remaining life of the contracts. In 2012 we also reformed PFI to improve its transparency, and reduce procurement times, through the new PF2 model.</p><p>The Government continually monitors the financial health of all of its strategic suppliers, including those delivering PFI contracts.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 11/06/2018 09:17:48 answering member 4320 label Biography information for Robert Jenrick
	tabling member	178 label Biography information for John McDonnell

911287

	registered interest
	date	24/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how his Department monitors private finance initiative contracts, including (a) strategic risk management policy, (b) financial control and (c) performance management.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	147794
	answer	answer is ministerial correction date of answer 11/06/2018 answer text <p>The vast majority of PFI projects were signed under the last Labour government – 620, or 86% of all PFI projects in the UK. Since coming to office in 2010, this Government has reformed the approach so that now, PF2 contracts deliver better value for money for the taxpayer.</p><p> </p><p>We have also improved the VfM we get from existing PFI contracts, and this will deliver over £2 billion in efficiencies over the remaining life of the contracts.</p><p> </p><p>The performance of PFI and PF2 contracts is monitored by the procuring authority. The government has published a range of advice on managing PFI and PF2 contracts, covering areas such as operational savings, refinancing and termination. HM Treasury assesses and responds to fiscal and financial risks as part of its ongoing business activities.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 11/06/2018 09:16:16 answering member 4320 label Biography information for Robert Jenrick
	tabling member	178 label Biography information for John McDonnell

947672

	registered interest
	date	24/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the most recent guidance on the use of PFI and PF2 issued by his Department is; and when that guidance was last updated.
	tabling member constituency	Hayes and Harlington
	tabling member printed	John McDonnell
	uin	167878
	answer	answer is ministerial correction date of answer 04/09/2018 answer text <p>The most recent guidance issued by HM Treasury on the use of Public Private Partnerships is in the Green Book, an updated version of which was published on 6 March 2018.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 04/09/2018 12:47:33 answering member 4320 label Biography information for Robert Jenrick
	tabling member	178 label Biography information for John McDonnell

897912

	registered interest
	date	04/05/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Finance Initiative
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he has taken to limit profit levels over the duration of private finance initiative contracts.
	tabling member constituency	Norwich South
	tabling member printed	Clive Lewis
	uin	141367
	answer	answer is ministerial correction date of answer 10/05/2018 answer text <p>Over 86% of current PFI projects were signed prior to 2010. Since then, the standard PFI model has been reviewed and reforms have been implemented, leading to the launch of a new model – PF2 – in 2012. The new PF2 model has improved transparency, reduced procurement times and improved the flexibility of private finance contracts. Data on PFI and PF2 projects has been published at: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/696091/PFI_and_PF2_projects_2017_summary_data_March_2018_web.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/696091/PFI_and_PF2_projects_2017_summary_data_March_2018_web.pdf</a></p> answering member constituency Newark answering member printed Robert Jenrick question first answered 10/05/2018 16:13:06 answering member 4320 label Biography information for Robert Jenrick
	tabling member	4500 label Biography information for Clive Lewis