Partnerships UK
Encyclopedia
Parnerships UK was an organisation responsible for furthering public-private partnership
s in the United Kingdom
.
(PFI) taskforce was established within the Treasury
to provide central co-ordination for the roll-out of PFI. Known as the Treasury Taskforce (TTF), its main responsibilities was to standardise the procurement process and train staff throughout government in the ways of PFI, especially in the private finance units of other government departments. The TTF initially consisted of a policy arm staffed by five civil servants, and a projects section employing eight private sector executives led by Adrian Montague, formally co-head of Global Project Finance at investment bank Dresdner Kleinwort
. In 1999 the policy arm was moved to the Office of Government Commerce
(OGC), but it was subsequently moved back to the Treasury.
The projects section of the TTF was part-privatised and became Partnerships UK (PUK) in 2000. The Treasury retained a 49% 'golden share
' managed by the Shareholder Executive
, while the majority stake in PUK was owned by private sector investors. PUK was staffed almost entirely by private sector procurement specialists such as corporate lawyers, investment bankers
and consultants. It took the lead role in evangelising PFI and other PPP variants within government, and was in control of the policy's day-to-day implementation.
(IUK) was established as a separate unit within the Treasury
to work alongside the private sector on major infrastructure projects. As a result, it was announced in May 2011 that PUK was to be dissolved. Some PUK assets, services, data and staff moved to IUK and Local Partnerships
(a joint venture between HM Treasury and the Local Government Association
) with other assets being sold during 2011.
Public-private partnership
Public–private partnership describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies...
s in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Origins
In July 1997 a private finance initiativePrivate Finance Initiative
The private finance initiative is a way of creating "public–private partnerships" by funding public infrastructure projects with private capital...
(PFI) taskforce was established within the Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
to provide central co-ordination for the roll-out of PFI. Known as the Treasury Taskforce (TTF), its main responsibilities was to standardise the procurement process and train staff throughout government in the ways of PFI, especially in the private finance units of other government departments. The TTF initially consisted of a policy arm staffed by five civil servants, and a projects section employing eight private sector executives led by Adrian Montague, formally co-head of Global Project Finance at investment bank Dresdner Kleinwort
Dresdner Kleinwort
Dresdner Kleinwort was a British-based investment bank: it disappeared as a brand from the world of investment banking in September 2009, when its remaining businesses adopted the Commerzbank branding.-History:...
. In 1999 the policy arm was moved to the Office of Government Commerce
Office of Government Commerce
The Office of Government Commerce is part of the Efficiency and Reform Group of the Cabinet Office, a department of the Government of the United Kingdom...
(OGC), but it was subsequently moved back to the Treasury.
The projects section of the TTF was part-privatised and became Partnerships UK (PUK) in 2000. The Treasury retained a 49% 'golden share
Golden Share
A Golden Share is a nominal share which is able to outvote all other shares in certain specified circumstances, often held by a government organization, in a government company undergoing the process of privatization and transformation into a stock-company....
' managed by the Shareholder Executive
Shareholder executive
The Shareholder Executive is the body within the British Government responsible for managing the government's financial interest in a range of public companies. Originally established within the Cabinet Office, it has since 2004 been part of the Department for Business...
, while the majority stake in PUK was owned by private sector investors. PUK was staffed almost entirely by private sector procurement specialists such as corporate lawyers, investment bankers
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
and consultants. It took the lead role in evangelising PFI and other PPP variants within government, and was in control of the policy's day-to-day implementation.
Closure
In June 2010, Infrastructure UKInfrastructure UK
Infrastructure UK is a division of HM Treasury that advises government on the long-term infrastructure needs of the UK and provides commercial expertise to support major projects and programmes....
(IUK) was established as a separate unit within the Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
to work alongside the private sector on major infrastructure projects. As a result, it was announced in May 2011 that PUK was to be dissolved. Some PUK assets, services, data and staff moved to IUK and Local Partnerships
Local Partnerships
Local Partnerships is one of the six bodies that form the Local Government Group overseen by the Local Government Association though, unlike the others, it is jointly owned with HM Treasury...
(a joint venture between HM Treasury and the Local Government Association
Local Government Association
The Local Government Association is a voluntary lobbying organisation acting as the voice of the local government sector in England and Wales, which seeks to be an authoritative and effective advocate on its behalf....
) with other assets being sold during 2011.