ACCOUNTABILITY AND VALUE FOR MONEY IN PRIVATE FINANCE INITIATIVE CONTRACTS

Istemi Demirag, Iqbal Khadaroo

Research output: Contribution to journalArticlepeer-review

50 Citations (Scopus)

Abstract

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.

Original languageEnglish
Pages (from-to)455-478
Number of pages24
JournalFinancial Accountability and Management
Volume24
Issue number4
DOIs
Publication statusPublished - Nov 1 2008
Externally publishedYes

Keywords

  • NPM
  • PFI
  • UK Treasury
  • accountability
  • value for money

ASJC Scopus subject areas

  • Business, Management and Accounting(all)
  • Economics, Econometrics and Finance(all)

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