Accountability and value for money in private finance initiative contracts

Demirag, Istemi and Khadaroo, Iqbal (2008) Accountability and value for money in private finance initiative contracts. Financial Accountability & Management, 24 (4). pp. 455-478. ISSN 1468-0408

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Within the context of New Public Management (NPM), successive UK governments have claimed that PFI projects provide more accountability, and arguably, more value for money (VFM) than conventional procurement for the public (HM Treasury 1995, 2000, 2003a and 2003b). However, recent empirical research in the UK on PFI has indicated its potential limitations for accountability and VFM (Broadbent, Gill and Laughlin, 2004; Edwards, Shaoul, Stafford and Arblaster, 2004; Shaoul, 2005; and Ismail and Pendlebury, 2006) albeit these are based on either published accounts or a limited number of key stakeholders. This paper attempts to partially redress this gap in the literature by presenting an interesting case of the impact of PFI on accountability and VFM in Northern Ireland's education sector. The findings of this research, based on forty-two interviews with a wide range of key stakeholders, suggest that stakeholders have different and often conflicting expectations and the actual PFI accountability and VFM benefits are much more obfuscated than those claimed in Government publications.

Item Type: Article
Schools and Departments: University of Sussex Business School > Business and Management
Subjects: H Social Sciences > HJ Public Finance
H Social Sciences > HJ Public Finance > HJ9701 Public accounting. Auditing
Depositing User: Iqbal Khadaroo
Date Deposited: 18 Jan 2016 10:05
Last Modified: 18 Jan 2016 10:05
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