The Public Accounts Committee (PAC) has published a report examining the government's use of private finance for infrastructure projects. The report identifies systemic issues in infrastructure financing following the creation of the National Infrastructure and Service Transformation Authority (NISTA). Key concerns include the need for a more detailed central pipeline, failure to identify which financing models provide value for money, poor risk allocation between the public and private sector, skills shortages and issues relating to inadequate contract management. The report notes previous government mistakes in the use of private finance, including inefficient procurement processes, poorly drafted contracts, and poor risk pricing, transfer and management, which can have significant consequences where a contractor fails (eg Carillion). The Treasury and NISTA are said to be committed to acting on lessons learned. The report makes six recommendations which include pipeline improvements to support the ten year infrastructure strategy, evaluation of financing models, creation of a central database on private finance for public infrastructure, plans to build specialist skills, development of an infrastructure financing toolkit to support risk allocation and management, plus improvements to central support for public bodies managing privately financed assets.