As part of the ongoing reform of the public investment management systems, we are updating our public spending code. The purpose of this update is to strengthen the existing guidance to better align with the realities of project delivery and with a particular focus on improved appraisal, cost estimation and management. Clearly, our experiences with the national children's hospital earlier in the year have informed and influenced the work.
In terms of what is under way, we are looking at a number of different areas. The first of these is how we can better appraise big capital projects far earlier in their life cycle and before decisions are made on them. The second focus is on achieving greater clarity on who decides what and when. We also need to be clearer on what cost estimates are and to be able to compare them with the business case for the projects. More realistic expectations regarding how a project can be delivered are needed for big projects and we need to be more transparent regarding the publication of business cases and evaluation reports. This work on these issues is almost complete and I anticipate publication of the conclusion of all this work in the coming weeks.