4.  The PFI framework

The credibility of the way in which value for money (VFM) is measured within the PFI framework is hotly debated. It is time to rethink how VFM is assessed in a rapidly maturing PFI marketplace and to allow PFI to demonstrate its worth against other procurement routes.

55  Chapters 2 and 3 have identified ways in which school PFI implementation can be improved at local levels. But some of the barriers to achieving optimal VFM need national attention. These are the focus for this chapter, which examines whether the current framework for evaluating PFI bids can in itself become one of the barriers. The chapter then considers the wider issue of whether affordability considerations may be limiting the achievement of VFM.