On 5th March 2015, in answer to the following question from Nicholas Soames MP:
To ask Mr Chancellor of the Exchequer, what the value is of off-balance sheet public-private partnerships.
The Chief Secretary to the Treasury, Danny Alexander, provided a written response:
A spreadsheet containing data on all operational PFI projects can be found on the following link. Balance sheet treatments for each project are recorded in columns O, P and Q and the capital value is recorded in column R.
Taking capital value only, and using the spreadsheet cited by the Minister, it is possible to provide monetary answers based on the relevant accounting standards. These are as follows:
The total capital value of all projects is £56.6 billion and data was not provided for projects with a capital value of £12.8 billion. Under UKGAAP, therefore, it is possible that the actual value of off-balance sheet PFI contracts is nearer £45 billion.
The above is calculated (in accordance with the parliamentary answer) on the basis of capital value. Of course, the amount repaid over the terms of these deals includes a basket of services as well as the repayment of capital value and interest.
Total payments for all signed PFI deals amount to £310 billion. In the year 2017-18, alone, the estimated total payments to PFI companies will be £10.6 billion.
The above is calculated (in accordance with the parliamentary answer) on the basis of capital value. Of course, the amount repaid over the terms of these deals includes a basket of services as well as the repayment of capital value and interest.
Total payments for all signed PFI deals amount to £310 billion. In the year 2017-18, alone, the estimated total payments to PFI companies will be £10.6 billion.
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