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<\/a><\/div>\n<\/div>\n\u201cThe government is facing an acutely challenging fiscal picture,\u201d he said.<\/p>\n
\u201cTo finance infrastructure delivery, it must access private capital to move at the speed required and drive economic prosperity.\u201d<\/p>\n
Wates’ plan aims to improve on the old PFI system by offering co-ownership, greater transparency and shared risk through a special purpose investment vehicle.<\/p>\n
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<\/a><\/div>\n<\/div>\nThe white paper sets out five key demands for a rebooted public-private partnership approach:<\/p>\n
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Projects must focus on assets worth over \u00a3100m<\/p>\n<\/li>\n
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Delivery partners must be financially robust and proven<\/p>\n<\/li>\n
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Standardised designs must be used to cut cost and time<\/p>\n<\/li>\n
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Risk and reward should be shared fairly between public and private sides through SPVs<\/p>\n<\/li>\n
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A new oversight body should sit under the National Infrastructure and Service Transformation Authority<\/p>\n<\/li>\n<\/ul>\n
Wates argues its model mirrors successful schemes already working in Scotland and Wales \u2013 and is the only viable way to build critical infrastructure at scale without blowing public budgets.<\/p>\n
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