25 October 2002
The Treasury's reforms of the 'green book' herald a new era of rigorous investment appraisal throughout the public sector, according to two influential think-tanks.
Gordon Brown's root-and-branch overhaul of the guidance that governs public sector investment decisions will unleash a plethora of new investment projects, according to the New Local Government Network and the New Policy Institute.
Their joint submission to the Treasury's consultation exercise, which Public Finance has seen, argues that such projects will provide a crucial evidence base that can be used to shape future investment strategies. This in turn will have a decisive influence on how the extra billions of pounds announced in the Spending Review will be spent.
'Such a break with the past will only be a success if it is accompanied by a rise in the standard of appraisal and evaluation throughout the public sector,' the document says.
The submission also calls for the green book to be a 'live' electronic document that can be constantly updated and accessed as best practice develops.
The Treasury will consider the consultation responses and publish the final version of the new green book by December.
PFoct2002
