According to the chancellor, this Budget signalled the "era of austerity coming to an end". But it was the end of another government policy that will have caught the eye of construction. Philip Hammond stood up and told the Commons he had "never signed off a PFI as chancellor... and never would" because he was abolishing them. Though keen to emphasise that he remained in favour of public-private partnerships, the chancellor was unequivocal in his statement that PF2 and its predecessor PFI did not represent value - or adequately transfer risk - for the taxpayer.
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