Saturday, 7 March 2009

PFI: the final insult

Michael Meecher, Labour MP, writes on his blog (5/3/09):

"Today's Treasury notice that taxpayers' money (up to £100 billion of it) is going to be used to bail-out Private Finance Initiative (PFI) projects which have collapsed in the credit crunch is really the final insult of New Labour's ideological obsession with privatising even in the face of economic meltdown. PFI, started by Thatcher, is a colossal scam for subsidising private business at the expense of the taxpayer in the building and mangement of major infrastructure projects (schools, hospitals, prisons, roads, etc.). Now that these schemes have collapsed in the credit crunch, Gordon Brown has chosen to pour billions of public money into shoring up failed private business projects rather than taking them over to be completed, more cost-effectively and more efficiently, by the public sector."

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