Whether you are a domestic customer upgrading a bathroom or a public authority building a new hospital, setting out precisely what you need and expect from your investment is a pretty fundamental first step. It is not rocket science to suggest that failure to embrace this step can generally lead only to overspend, late completion and disappointment. On this basis the National Audit Office's (NAO) latest damning report into the performance of PFI projects across the UK public infrastructure realm is certainly worth a read. The headlines from this comprehensive piece of work are clear. With 716 PFI and PF2 projects - a total capital value of £59.4bn - either under construction or in operation, the UK central and local government faces the prospect of paying for these assets and services until the 2040s, to the tune of £199bn.
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