As we showed, although the Code has largely been seen as “modest” and “toothless”, it does at least require signatories to engage in a constructive and timely manner to discuss savings and operational efficiencies.
The public sector is under pressure to reduce expenditure, whilst PFI’s provide the private sector with built-in annual RPI increases. This really matters.
When we last looked at this, there had been 159 signatories. This has now risen to 205. The make-up of those signatories has changed little, however.
Through our work, we are aware of investors and lenders that have refused to sign up. Perhaps, as we suggested on our last visit to the subject, it’s time to name and shame.