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PFI ‘Catastrophic Waste Of Money''

Thursday, January 18, 2018

 

NAO REPORT SHOWS PFI ‘CATASTROPHIC WASTE OF TAXPAYER’S MONEY' SAYS GMB

This report should mean that the game is up for PFI - it's time to properly fund our public services upfront instead says GMB.

GMB, Britain’s general union, says today’s NAO report shows PFI is a ‘catastrophic waste of taxpayer’s money'.

The UK currently has 700 operational PFI and PF2 deals, with a capital value of around £60 billion. [1]

These deals cost a massive £10 billion a year and will have cost the taxpayer an eye-watering £199 billion by the time they end in the 2040s.

Rehana Azam, GMB National Secretary, said:

"The NAO’s figures show what we’ve all known for some time – that PFI is a catastrophic waste of taxpayer’s money.

“Nothing can hide the chronic failure than its proven to be over decades - Carillion is just the latest example of how bad things go wrong when public services are left in the hand of profit-hungry companies.

“Once the shiny facade comes off, PFI deals are financial time bombs that leave public bodies shackled into decades of eye-watering payments, public services unaccountable to the people and the taxpayer on the hook when things go wrong.

"It's shameful that our NHS Trusts and schools are spending an eye-watering £10 billion each year on their PFI contracts - that's money that should be spent on patients and children's education instead.

"This report should mean that the game is up for PFI - it's time to properly fund our public services upfront instead."

ENDS

Contact: GMB Press Office on 07958 156846 or at press.office@gmb.org.uk

Notes to editors:

[1] For a copy of the NAO report contact pressoffice@nao.gsi.gov.uk 

 

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