The Public Private Partnership model, and in particular those partnerships where separate investment has been obtained and known in the UK as PFIs – Private Finance Initiative, has been criticized for not delivering value for money to the taxpayer. Arguably the strongest criticism was delivered by British Chancellor, Philip Hammond on 29 October 2018 when he confirmed that the UK Government would “abolish the use of PFI and PF2". Importantly though, this statement is not to be interpreted as an abolishment of the partnership that underpins the model. To the contrary, governments are increasingly reliant on private finance to deliver essential services to the community.
Whether the PPP model is refined, redesigned or left as is, there is one absolute certainty: the success of the model and the projects that are delivered through it is almost exclusively dependent on the strength of the partnership between the public and private sectors. To this end, in the same way that contracts represent the blueprint for any project, they should also stand as the single source of truth between parties. Maintaining a “single source of truth” between the parties represents the “minimum standard” that parties must comply with when undertaking these types of projects.