Editing Private finance initiative (section)

===PF2===
In December, 2012 the Treasury published a [[White Paper]] outlining the results of a review of the PFI and proposals for change. These aimed to:
* centralise procurement by and for government departments, increase Treasury involvement in the procurement process, and move the management of all public sector investment in PFI schemes into a central unit in the Treasury;
* draw funding providers into projects at an earlier stage to reduce windfall gains when they were sold on;
* exclude "soft services" from PFI schemes where the specification was likely to change at short notice (such as catering and cleaning);
* reduce the role of bank debt in financing;
* improve transparency and accountability by both public and private sector participants;
* increase the proportion of risk carried by the public sector.<ref name=newappr>HM Treasury (2012), [https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/205112/pf2_infrastructure_new_approach_to_public_private_parnerships_051212.pdf ''A new approach to public private partnerships''], accessed 26 April 2024</ref>
Under this "new approach", the government would become a [[minority shareholder|minority equity co-investor]] in future projects, partly to better align the private and public sector interests in new projects.<ref name=newappr />{{rp|7}} A consultation exercise was subsequently undertaken by the government regarding the terms on which the public sector stake would be managed, aiming for a generally consistent approach across projects but with scope for details to be finalised prior to operation to reflect any project-specific issues.<ref>Local Government Lawyer, [https://www.j5.localgovernmentlawyer.co.uk/projects/projects-features/treasury-issues-model-for-public-sector-equity-participation-in-pf2-projects Projects and Regeneration: Treasury issues model for public sector equity participation in PF2 projects], published October 2013, accessed 26 April 2024</ref> The government's response to the consultation and the "Standard PF2 Equity Documents" were published in October 2013.<ref>HM Treasury, [https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/250122/PU1572_government_response_to_public_sector_equity_consultation.pdf Government response to: A new approach to public private partnerships consultation on the terms of public sector equity participation in PF2 projects], published October 2013, accessed 26 April 2024</ref>

Under the [[Priority School Building Programme]] which was launched in 2014 by the [[Education and Skills Funding Agency]], the rebuilding and/or refurbishment of 46 schools in England was funded and procured using the PF2 model.<ref>{{Cite web |date=6 December 2016 |title=Priority School Building Programme: overview |url=https://www.gov.uk/government/publications/psbp-overview/priority-school-building-programme-overview |access-date=2024-05-31 |website=GOV.UK |publisher=[[Education and Skills Funding Agency]] |language=en}}</ref>