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<p>PF2 is one of a range of procurement routes available to projects. Value for money
is the primary driver when choosing a procurement route.</p><p> </p><p>PF2 offers
improved value for money for the public sector and the taxpayer compared to the Private
Finance Initiative. An improved procurement process, public sector equity co-investment,
more efficient risk allocation and greater flexibility of service provision has improved
the cost effectiveness of PF2 relative to the Private Finance Initiative.</p><p> </p><p>The
Government has taken significant steps to improve the cost effectiveness of existing
PFI contracts, including delivery of £1.5 billion of savings, which has been assured
by the National Audit Office, and identifying potential further savings of more than
£1 billion.</p><p> </p>
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