Snapshot – Public sector mutuals

Posted on October 29, 2013 · Posted in Accounting & Business

 

The Government aims to mutualise much of the public sector – creating businesses owned in full or in part by their workers.  Cabinet Office minister Francis Maude hopes a million public service workers will eventually be employed in mutuals.

 

MyCSP – My Civil Service Pension – was the first joint venture mutualisation. It involved the Government, the workforce and a private sector partner, Equiniti.  A National Audit Office report endorses government hopes to generate a 25% reduction in revenue costs over seven years.

 

The NAO warns government that better planning is required for future deals.  It criticised poor governance, inadequate data and timetable delays.  It says the Government must remain involved to ensure savings are delivered and that project risk transfers to the private sector.

 

62 public service mutuals formed since 2010

3,000 jobs created

£1.2bn of services provided PA