Is PFI working?

The real problem with PFI is not the one we're hearing about in the press. The procurement process means that PFI deals are structured and signed under significant public sector scrutiny.

But through poor contract management, and a lack of formal review processes, their value falls over time.

PFI is not inherently poor value - underpinning every operational project is a very detailed contract. What is clear is that public sector PFI owners could do much more to ensure excellent service and benefits through enforcing the contract. The public sector has bought excellent but they need to stop settling for average.