1.8 Experience has shown that PFI is not appropriate for individually procured low capital value projects because of the relatively high level of procurement costs. Equally, PFI is not suitable for those projects where there is rapid technological or other change which makes it difficult for both procuring authorities and bidders to predict with reasonable certainty the service delivery requirements and to include sufficient contractual flexibility at a reasonable price. For these reasons, as outlined in the 2003 HM Treasury document "PFI: Meeting the investment challenge" (MTIC)2, , the PFI procurement route is not considered to be appropriate for individually procured projects with capital expenditure under £20 million or for IT/ICT procurements.
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2
http://www.hm-treasury.gov.uk/documents/enterprise__and__productivity/PFI.cfm