HM Treasury has highlighted problems with PFI procurement and recommended changes in a report published in July this year.
While not abandoning PFI principles, PFI: Meeting the investment challenge does admit that the process needs improvement.

  The government recognises that the lengthy procurement process is a real problem for business, but adds that "reducing procurement delays in PFI prior to contract signature without compromising on achieving value for money, is a government priority."

The report also emphasises the importance of assessing PFI projects not on capital cost, but on long-term value: " The government is clear that value for money should not be equated with the lowest cost option, but should instead identify the optimum combination of whole life cost and quality."

The government is also committed to making the public sector a better client for the construction industry. Other measures to improve the process include standardisation of PFI contracts across the public sector to reduce bid costs; a greater role for the Project Review Group in monitoring PFI procurement by local authorities; and increased support from Partnerships UK.

Overall however, the report supported continued use of PFI, and there is no sign that the government plans to abandon it. Positive aspects of PFI were also highlighted. According to HM Treasury research, 88% of PFI projects are coming in on time, or early with no cost overruns on construction borne by the public sector. And more than 75% of clients surveyed reported their PFI projects performing as expected or better.

Source

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