I caught the last 2/3rds of this BBC programme where it was investigating consultant and outsourcer public service spend. PWC, McKinsey, Capita and Serco got a bot of a battering. If you work in public sector consulting watch this before seeing your client tomorrow!
FWIW the argument for risk-reward was not articulated at all well. Or even the value proposition for using consultants and outsourcers. The head of the Welsh council seemed totally out of her depth (but the interviewer pushed too hard and I expect will get a formal complaint).