1.42 PF2 has been developed to address the problems of past PFI projects and to respond to the recent changes in the economic environment, while retaining the benefit of private sector investment. Under the new approach the private sector will continue to be responsible for designing, building, financing and maintaining an infrastructure asset over a defined period, typically between 20-30 years.
1.43 In light of the call for evidence, the Government decided that further major reform of PFI was needed if the use of private finance is going to deliver value for money in future projects. The rest of this document sets out the new approach for involving private finance in the delivery of public infrastructure and services, PF2.