3.19 Since the launch of PF2 in 2012, only six PF2 projects have reached financial close. These are the Priority School Building Programme (PSBP), which will build 46 schools in five batches, and the Midland Metropolitan Hospital. The projects have capital values of £623 million and £297 million respectively. Several projects originally designated for PF2 financing did not proceed. For example, the delivery of additional accommodation to support the Ministry of Defence's Future Force 2020 was a potential candidate for PF2. However, the Ministry of Defence later deemed it unsuitable for PF2. Similarly, the government initially intended to raise the £1.75 billion of financing for the PSBP using PF2, but this was later reduced to £623 million.
3.20 There remains a lack of clarity over the development of a new pipeline of projects suitable for PF2. In the Autumn Statement 2016, the government announced that a new pipeline would be developed and published but this has been delayed. There are currently no projects in procurement although in July 2017 Highways England published documents outlining plans to use PF2 to finance the £1.3 billion A303 Stonehenge tunnel and roads and the £1.5 billion approach roads to the Lower Thames Crossing.