The Labour Government launched the "Building Schools for the Future" programme (BSF) in February 2003 with the aim of refurbishing or rebuilding all secondary schools in England over a 15-year period, with an anticipated budget of 45 billion British Pounds. In this article, we locate BSF in a wider public policy context which has already had important implications in other sectors of public provision. The local improvement finance trusts (LIFTs) initiative within the National Health Service (NHS) is of particular relevance to this discussion both because it reflects contemporary developments within New Public Management and because it also reveals new ways of extending and developing the private finance initiative (PFI) approach to public provision. We shall also consider the purposes and "delivery" mechanisms of BSF and identify some of the key commentaries which have been provided by parliamentary reports and other evaluations. Although still in the early stages of its implementation, the BSF is of such significance for the future shape and form of educational provision that it is important to begin the process of considering possible directions and dimensions for a research agenda which will provide a secure empirical and analytical foundation on which to base discussion. (Contains 12 notes.)