Autumn Statement 2012: Good news for industry as son of PFI finally revealed

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Chancellor George Osborne has used this week’s Autumn Statement to unveil a wave of infrastructure projects including new schools, hospitals and defence accommodation, to go forward under a revamped version of the private finance initiative, to be known as Private Finance 2 (PF2).

Deals drawn up under the new model will have to be closed out within 18 months and could, intriguingly, involve the public sector taking a shareholding of up to 49 per cent in the delivery company so they too can “share in the rewards”.

Until we know more about how these measures will be implemented in practice, it is impossible to know whether the perceived flaws of the previous “discredited” model have all been dealt with…

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