On 1 May 2014, the U.K. Minister of State for Schools David Laws made a statement announcing the government's plans for a second phase of the Priority School Building Programme (PSBP).

An extra £2 billion worth of funding will be provided to finance the rebuilding or repair of some of the schools in the worst condition in England. The funding, available from 2015 to 2021, comes on top of the £2.4 billion set aside in the Priority School Building Programme covering 261 schools.

Much of this existing first phase funding is now being delivered under the government's new private finance model, PF2, the new wave of cash will be taxpayer-funded.

David Law stated:

Design work has begun at 234 schools, 28 schools are under construction, and today Whitmore Park in Coventry has become the first school to have its new building opened under the Priority School Building Programme (90% of the program).

The first phase of the privately financed part of the Priority School Building Programme is divided into five batches. In March 2014 the UK's Education Funding Agency (EFA) awarded the first batch to a joint venture between Interserve and Kajima.

In January 2014 EFA announced the shortlist for batch 2 and for the third batch. The shortlist for the fourth batch of privately financed schools under the PF2 model, the Yorkshire batch, was announced in April 2014.

On 7 April 2014, UK's Education Funding Agency (EFA) launched a tender process for the fifth Priority School Building Programme (PSBP) private finance batch.