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ARTICLE · 26 JUNE 2013

You Can't Call It PFI Or PPP Any More

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In December last year HM Treasury published its proposals in relation to PF2.

United KingdomFinance and Banking
Edward Craft
Edward Craft

In December last year HM Treasury published its proposals in relation to PF2.1 PF2 represents the new model through which the Government seeks to deploy projects which, prior to the Spending Review 2010, would have been described as PFI or PPP projects.

The 15 or so years of "old type" PFI awards has led to many criticisms, but also the delivery of many assets that would not have been otherwise delivered.  A developing feature of PFI models was an evolving standardisation of contracts, most clear in programmes such as NHS Lift and Building Schools for the Future (BSF).

An interesting characteristic of both NHS Lift and BSF was the participation of the relevant authority as investor in and representative on the board of directors of the special purpose entity. It is the view of the author that the opportunities of such participations were missed by the participation level being low (10%).  Accordingly, whilst the sponsoring authority did have a seat at the table,

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