PFI: No debt for the wicked
WORKERS, DEC 2006 ISSUE
The costs to the NHS of Private Finance Initiative schemes have now been quantified at in excess of £53 billion over the next 30 years. Profits for the consortia that have funded PFIs are showing returns in excess of 1,000 per cent at Cornwall Partnership NHS Trust and over 1,361 per cent at South Manchester University NHS Trust.
This £53 billion in debt is paying for only £8 billion in assets – a 540 per cent return to the investors. The NHS financial deficit for this year is estimated at around £600 million. This pales into insignificance at the daylight robbery being performed in the name of PFI.
The government argues its approach to health provision is non-ideological – it doesn't matter who provides the health care as long as it is provided. But providing over £45 billion in profits to capitalists is ideological, and only a government moron would argue differently.