Transparency drafting in PFI and PF2 projects — clear as mud

When the government launched PF2 in December 2012, the Autumn Statement placed great weight on enhancing the transparency of arrangements between the public and private sectors. As the PF2 Policy Document itself stated: ‘Transparency is at the centre of PF2 arrangements.’

Six months on — and with work on the first batch of priority schools about to kick off — private and public sector appetite for the new drafting is being tested. The Treasury has confirmed that PF2 provisions in relation to transparency and information sharing will take the form of mandatory drafting on PFI projects yet to reach financial close.

Of course, the inclusion of the PF2 transparency regime is not new. The first wave of projects to be procured under Scotland’s NPD model have already achieved financial close on the basis of greater transparency and so most sponsors, funders, contractors and government organisations are already familiar with the additional obligations and their associated risks…

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