PPPs have had a key role in accelerating and embedding financialisation in the public sector and the economy. Banks and other financial institutions finance PPP projects, form joint ventures with construction companies and many have established their own infrastructure funds. Financialisation, together with personalisation, marketisation and privatisation, comprise the main methods being used to drive the neoliberal transformation of public services and the welfare state. Privatisation has mutated to create new pathways, such as the transfer of services to arms length companies, individual choice and market mechanisms, partnerships and outsourcing, and community asset ownership.