Seven NHS trusts are on the brink of bankruptcy due to their “sky-high” PFI commitments. The Department of Health has been forced to set up a bailout fund of £1.5 billion to ensure their survival.
PFI now costs each UK household £13,000 a year, according to a report by the Intergenerational Foundation. PFI debt now stands at £239 billion, nearly 25% of the entire national deficit.
“We have consistently voiced concerns about the misuse of PFI in the past and we have already taken steps to reduce costs and improve transparency.” G Osborne – liar.
As part of our War on PFI campaign we are holding a meeting to expose and take action against the profiteering of Public funds under the the Private Finance Initiative. All welcome.
In the UK, InnisFree is the largest private investor in healthcare, it owns 269 schools and £3 billion worth of MoD accommodation. It also has a Scottish Motorway, a Welsh Jail and part of Whitehall in its portfolio.
The tentacles of global private finance are slithering into one of the world’s most vulnerable communities and beginning to take a grip of its institutions.
Last week, a dispute about the PFI financing of London’s Crossrail project broke out between Transport for London (TfL) and Whitehall.
The financial vulnerability of UK hospitals was highlighted last week, although the cause of their symptoms was apparently up for debate.
Guess what Spain, Greece and Italy’s fiscal crises all have in common? They were all preceded by government splurges on PFI, or, as it’s known on the continent, PPP.
Globalise Resistance will soon be announcing a public forum examining the money sapping scheme of PFI, which is costing the UK taxpayer hundreds of millions of pounds every year, and which escapes the attention of government cuts.
Rejected as an economically viable method of building at home, business leaders and government departments are insisting on exporting PFI wherever they can overseas.
We thought you should listen to the File on Four Radio broadcast from the BBC on PFI. It’s a pretty damning piece of journalism by Jerry Northam.