‘The scale of PFI repayments are now absolutely staggering – showing the sheer incompetence and damaging legacy of the previous Labour and the Lib Dem executive which is holding Scotland back to this day.’
Those are the words of SNP MSP Ash Denham. Can’t argue with that other than to remind him that some of the school walls built under the scheme have started to fall down on windy days killing, so far, nobody. The projects have been both over-priced and under-supervised
The Courier’s headline was:
‘Toxic’ PFI charges for taxpayer exceed £1bn a year for first time’
That’s right, £1 000 000 000 per year and at least that amount for 25 years. Here’s how the Courier explains the deals:
‘PFI deals, a form of public-private partnership, involve the private sector providing the cash up front for infrastructure such as schools and hospitals, which public authorities then lease back over a period of at least 25 years. Those unitary charge payments, which can also include stumping up for maintenance and cleaning, often exceed the value of the building project itself, with the public body never actually owning the property. Meanwhile, companies can make large profits through guaranteed annual payments.’
Notice that we never actually own the property. A deal with the de’il?