I. Introduction In July 2011 HM Treasury published the final version of its document, “Making savings in operational PFI contracts1”. This follows the draft version published in January 2011 and the “deep dive” into a number of operational PFI contracts, notably the 2004 Romford Hospital PFI contract and three defence PFI contracts (although it might be queried why no local government PFI contract was included). The report was originally due in spring