Press Releases

HISTORIC PRESS RELEASE : Partnerships for Prosperity – A New Framework for PFI [November 1997]

The press release issued by HM Treasury on 4 November 1997.

An introductory guide to the reinvigorated Private Finance Initiative (PFI)  Partnerships for Prosperity’ was launched today by Paymaster General Geoffrey Robinson.

The launch of  Partnerships for Prosperity’, timed to coincide with progress in meeting further recommendations contained in the Bates review, sets out clearly in one document, the Government’s support for PFI, the role of the new Treasury Private Finance Taskforce, fundamental PFI policy principles, the procurement process, a list of key contacts and further reference areas.

Chancellor Gordon Brown said in his foreword

“This document provides a useful starting point for anyone interested in finding out about the PFI.  Avoiding too much technical detail, it sets out the general principles and places the initiative within the wider context of Government policy towards encouraging successful partnerships.”

The Paymaster also announced progress by the Taskforce on those Bates review recommendations with October deadlines.

  • the Taskforce is publishing draft proposals for standardising the basic information sought from prospective PFI tenderers.  Consistency across Government will simplify procedures and reduce burdens on business;
  • it is also consulting on standard wording for advertising PFI projects in the Official Journal of the European Community;
  • the Taskforce called for assistance in establishing template contracts and model contract clauses in the main sectors of PFI business.

“Partnerships for Prosperity” and the model contracts being worked on by departments will be stored in a new PFI library housed in the Treasury.  The practical arrangements for the library, including the indexing system, are being worked on by the Taskforce in consultation with Departments, its most regular customers.