Annul PFI contracts which are bankrupting public services
Responsible department: Her Majesty's Treasury
Private Finance Initiative funding of new hospitals, schools, transport projects and MOD accommodation has been detrimental to public finances to the advantage of private interests.
As an example: South London Healthcare NHS Trust had two hospitals built under PFI schemes around 10 years ago. The cost was £210m but with payments this year of £69m and amounting to £2,500m over 30 years, it is heavily in debt. This is being used as an excuse to close Lewisham Hospital's A&E.
At least six other NHS trusts are similarly facing bankruptcy.
This is clearly due to profiteering by banks and construction firms at the expense of the public purse.
We call on H M Parliament to pass legislation annulling all existing PFI contracts without compensation and transferring ownership of the buildings concerned to the commissioning organisations.
See www.PeopleBeforeProfit.org.uk for more information
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