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<p>In November 2011 the Coalition Government announced a complete reform of the private
finance initiative (PFI) model after a review. This recognised the need to address
the widespread concerns with PFI – too slow and expensive; too inflexible and a lack
of transparency. A new Public Private Partnership model to replace the PFI was announced
in 2012, Private Finance 2 (PF2). Key features of the new PF2 model include the Government
co-investing in projects as a minority shareholder to strengthen the partnership working
and share in any returns and exclusion of 'soft' facilities management services such
as cleaning and catering to improve flexibility.<strong> </strong></p><p>As part of
PFI review the Coalition Government undertook to revise the value for money guidance.
Further guidance was published in December 2012.</p>
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