25. Arguably, the financial crisis started with Northern Rock's troubles in October 2007. Our analysis of PFI projects in procurement7 indicates that the financial turmoil has not had a marked impact on new projects being advertised in the Official Journal of European Union. This might be because a project launched today would typically be around 24 months from financial close and so the assumption would be that the current financial climate should not prevent it from reaching contract signature.
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7 HM Treasury (2009) PFI Projects in procurement-June 2009.