Mick Moran - What a waste: Outsourcing and how it goes wrong

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What a waste

TheManchester Capitalismbook series

General Editor

MICHAEL MORAN

Manchester Capitalism is a series of short books which reframe the big issues of economic renewal, financial reform and political mobilisation. The books attack the limits of policy imagination in everything from university pedagogy to financial regulation. Our working assumption is that a reframing of policy choices is necessary before we can reform present-day capitalism.

Manchester Capitalism is also a group of researchers (www.manchestercapitalism.co.uk) whose work combines follow the money research with political discussion of narrative alibis. Our distinctive analysis was pioneered in public interest reports about mundane activities like meat supply and railways for the Centre for Research on Socio-Cultural Change (www.cresc.ac.uk).

We write in the tradition of provincial radicalism for a broad audience of citizens because we believe there is much distributed intelligence in our society outside the metropolitan centres of elite decision making. Our work is politically challenging because it revives the liberal collectivism of Berle or Macmillan and borrows from freethinking critics of capitalism like Wright Mills and Braudel.

The first book in our series, The end of the experiment?, analysed the failure of the post-1979 British experiment in state planning of competition and markets before arguing for a better way. The present book about outsourcing takes that argument further. Future volumes will extend the analysis beyond the UK.

What a waste

Outsourcing and how it goes wrong

Andrew Bowman, Ismail Ertrk, Peter Folkman, Julie Froud, Colin Haslam, Sukhdev Johal, Adam Leaver, Michael Moran, Nick Tsitsianis, Karel Williams

Manchester University Press

Copyright Andrew Bowman, Ismail Ertrk, Peter Folkman, Julie Froud, Colin Haslam, Sukhdev Johal, Adam Leaver, Michael Moran, Nick Tsitsianis and Karel Williams 2015

The rights of Andrew Bowman, Ismail Ertrk, Peter Folkman, Julie Froud, Colin Haslam, Sukhdev Johal, Adam Leaver, Michael Moran, Nick Tsitsianis and Karel Williams to be identified as the authors of this work have been asserted by them in accordance with the Copyright, Designs and Patents Act 1988.

Published by Manchester University Press
Altrincham Street, Manchester M1 7JA, UK
www.manchesteruniversitypress.co.uk

British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library

Library of Congress Cataloging-in-Publication Data applied for

ISBN 978 0 7190 9952 6

First published 2015

The publisher has no responsibility for the persistence or accuracy of URLs for any external or third-party internet websites referred to in this book, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

Typeset by Servis Filmsetting Ltd, Stockport, Cheshire

Contents

List of exhibits

List of abbreviations

AMP5	Asset Management Plan 5. AMP5 refers to the five-year planning period for 201015 during which OFWAT monitored water companies efficiency and adjusted price limits accordingly.
ALS	Applied Language Solutions
ATOC	Association of Train Operating Companies
BDIL	Beryl Datura Investment Ltd
BERR	(Department for) Business, Enterprise and Regulatory Reform
CBI	Confederation of British Industry
CEO	chief executive officer
EBIT	earnings before interest and tax
EBITDA	earnings (profit) before interest, tax, depreciation and amortisation
EFRAG	European Financial Reporting Advisory Group
ESA	Employment Support Allowance
FGW	First Greater Western
FTSE100	Financial Times Stock Exchange index of the most valuable 100 companies listed on the London Stock Exchange, as measured by market capitalisation
G4S FMS	G4S Forensic and Medical Services Ltd
GIP	Global Infrastructure Partners
GNER	Great North Eastern Railways
IFRS3	International Financial Reporting Standard 3
IT	Information Technology
NAO	National Audit Office
NHS	National Health Service
NPV	net present value
NXEC	National Express East Coast
OFWAT	Office of Water Services, the water services regulation authority
PAC	Public Accounts Committee
PFI	Private Finance Initiative
PLC	Public Limited Company
RAV	Regulatory Asset Value. RAV is the value ascribed by the regulator to the capital employed in the licensees regulated distribution or (as the case may be) transmission business (the regulated asset base). The RAV is calculated by summing an estimate of the initial market value of each licensees regulated asset base at privatisation and all subsequent allowed additions to it at historical cost, and deducting annual depreciation amounts calculated in accordance with established regulatory methods. These vary between classes of licensee. A deduction is also made in certain cases to reflect the value realised from the disposal of assets comprised in the regulatory asset base. The RAV is indexed to RPI in order to allow for the effects of inflation on the licensees capital stock.
ROCE	return on capital employed (calculated as the profit divided by all the long-term capital in the business debt and equity). The ROCE is presented as a percentage and shows the amount of profit per unit (e.g. pound) of long-term capital invested in the business.
ROE	return on equity (calculated as the profit divided by the equity as valued in the balance sheet). The ROE is pre-sented as a percentage and shows the amount of profit per unit (e.g. pound) of equity (shareholders funds) invested in the business. The book value, i.e. the value of the equity in the accounts, is used, not the market value of the companys shares.
ROIC	return on invested capital (calculated as the profit divided by all the capital in the business debt and equity). This is similar to ROCE but uses a measure of profits that is after tax and adds back interest charges.
ROS	return on sales (also known as the profit margin, calculated as profit divided by sales revenue). The ROS is presented as a percentage and shows the amount of profit per unit (e.g. pound) of sales revenues.
SPV	special purpose vehicle
TOC	train operating company
TUC	Trades Union Congress
TUPE	Transfer of Undertakings and Protection of Employment Regulations
VCE	Veolia Water Central Ltd
VEA	Veolia Water East Ltd
VSE	Veolia Water Southeast Ltd

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