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Government unveils plans for £1.5bn PFI savings

20 July 2011
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Government unveils plans for £1.5bn PFI savingsAn estimated £1.5 billion or more could be generated across the UK's private finance initiative (PFI) contracts.

This is according to the Treasury, which has announced plans to enhance the efficiency of existing deals, something that may require operations management strategies.

The lean proposals were unveiled by Lord Sassoon, commercial secretary to the Treasury, who declared that they come after a series of pilot schemes across the country generated savings of around five per cent of total payments per year in areas such as making efficient use of space, managing contracts better, reducing waste and reviewing soft service requirements.

Savings made from PFI agreements will be "fully recycled back into frontline services" and provide value for money for taxpayers as part of a programme of reforms aimed at boosting the efficiency and transparency of contracts.

"We have identified every opportunity to find savings, tackling wasteful practice and gold plating in PFI contracts," Lord Sassoon remarked.

PFIs are the most common form of public private partnership, a means of delivering public services through infrastructure investment from private businesses.ADNFCR-3058-ID-800627708-ADNFCR
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