What’s that irritating yet undeniably familiar metallic rattling? Oh, yes, it’s the unmistakable timbre of a can being kicked down the road. And not for the first time…

That’s probably the most obvious takeaway from the vital private finance section of the infrastructure strategy announced last week. Yes, the strategy talks a lot about how to do more to attract institutional investors into economic infrastructure development, where there are already functioning finance models. But, on the key question of private finance for social infrastructure, it sends the can in the direction of a final decision at the autumn Budget.

And it’s not as if it is a particularly game-changing decision that is being delayed until the autumn. The options for social infrastructure finance under discussion look fairly limited – a long way from the new wave of PFI that some in the sector have been hanging out for.

And yet, such has been the taboo over using private finance models since Philip Hammond cancelled PF2 in 2018, that for some, even a glimmer of light represents a massive opportunity. So, what does the strategy say on private finance, and, crucially, how should it be interpreted?