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<p>The methodology after the Outline Business Case stage for assessing value for money
for schemes which are to be conventionally funded, is then unchanged from existing
guidance in e.g. the Capital Investment Manual, published in 1994.</p><p> </p><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.</p><p> </p><p>As part of the 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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