Mad_Jock a safety pilot is not just a lookout. It is someone appropriately rated for the machine that is flown to take over if the P1 becomes incapacitated. (I should ad for a single crew aircraft)
JAR/CAA: One P1 only in Single crew aircraft unless the aforementioned examiner example
FAA: 2x P1 possible as EA states:
Under the FARs the PF is entitled to log PIC, becasue they are manipulating the controls but under the hood, and the safety pilot is entitled to log PIC as they are required to look out and conduct the flight safely.
A PPL can never log P2 (unless there is a multicrew aircraft that can be flown by PPLs, did not think there is one)
FD