U.K. February construction PMI slumped to a new record low of 27.8, down from 34.5 and highlighting the very dire state of U.K. construction, both commercial and private. In an attempt to underpin the construction sector, the U.K. Treasury is today set to announce a GBP13 bln fund from which companies bidding for work for the public sector will be eligible to borrow (under commercial terms). With much of infrastructure work being dependent on private finance initiatives (PFI), projects to improve schools and build highways and hospitals have been stalled as private firms struggle to obtain the finance needed. The Treasury initiative is hoped to increase activity within the sector.