Transparency of Risk and Reward in U.K. Public–Private Partnerships

John Hood · Ian A. Fraser · Neil McGarvey

71 citations0/0 files storedPublic Budgeting &amp Finance

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Public-Private Partnership Projects Public Policy and Administration Research Transport and Economic Policies

Abstract

Public–Private Partnerships (PPPs) are an increasingly common mechanism for the renewal of public sector infrastructure, although in the United Kingdom, these have been criticized as representing poor value for money. An inherent assumption of much of this criticism is that a corollary of detriment for the public sector is benefit for the private sector. This paper highlights the difficulty of objectively verifying the many criticisms and assumptions regarding risk and reward associated with PPPs. Public and private sector disclosure policies and systems are analyzed and we conclude that neither sector practices openness and transparency. This results in a democratic accountability deficit in the public sector and a lack of meaningful data being made available to stakeholders in private companies.

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References

1991A PUBLIC MANAGEMENT FOR ALL SEASONS?1997The audit society 1996NEW MODES OF CONTROL IN THE PUBLIC SERVICE 1997The economics of the private finance initiative 2002Control and legitimation in government accountability processes: the private finance initiative in the UK 1999The Private Finance Initiative: Clarification of a Future Research Agenda 2001Private Finance Initiative – a good deal for the public purse or a drain on future generations?2002Accounting for Public Private Partnerships

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2016Risk transfer and stakeholder relationships in Public Private Partnerships 2017Examining the Use of Corporate Governance Mechanisms in Public–Private Partnerships: Why Do They Not Deliver Public Accountability?2009The practice of risk management: Silence is not absence 2021Risk allocation, transfer and management in public–private partnership and private finance initiatives: a systematic literature review 2015Data Review of Transportation Infrastructure Public–Private Partnership: A Meta-Analysis

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