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.
Under PFI, big business has screwed the public sector, spawning a legacy of odious, off-the-books debt. Our national deficit would be around 25% greater if it was included by the Treasury
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.