Private finance initiative

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hospital, which cost £47m. Between 2001 and 2005 there were four patient suicides, including one which was left undiscovered for four days in an out-of-order bathroom. The coroner said that Leeds Mental Health Teaching NHS Trust, which is responsible for the facility, had failed to keep patients under proper observation. The government report said that the design and construction of the building did not meet the requirements for a facility for mental patients. The building has curving corridors which make patient observation and quick evacuation difficult. The report said that the building also constituted a fire hazard, as it was constructed without proper fire protection materials in the wall and floor joints. In addition, mattresses and chairs used below-standard fire-retardant materials. Patients were allowed to smoke in rooms where they could not be easily observed. The fire-safety manual was described as "very poor", and the fire-safety procedure consisted of a post-it note marked "to be provided by the Trust". The report concluded that "every section of the fire safety code" had been breached.

995: 1165:

genuinely transfers risks when they can be . . . On PFI, we are drawing up alternative models that are more transparent and better value for taxpayers. The first step is transparent accounting, to remove the perverse incentives that result in PFI simply being used to keep liabilities off the balance sheet. The government has been using the same approach as the banks did, with disastrous consequences. We need a more honest and flexible approach to building the hospitals and schools the country needs. For projects such as major transport infrastructure we are developing alternative models that shift risk on to the private sector. The current system – heads the contractor wins, tails the taxpayer loses – will end.

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construction of the facility (e.g. overspend and delay); or risk associated with the 'availability' of the facility. The PFI contract bundles the payment to the private sector as a single ('unitary') charge for both the initial capital spend and the ongoing maintenance and operation costs. Because of supposed risk transfer, the entire contract is deemed to be revenue rather than capital spending. As a result, no capital spend appears on the government's balance sheet (the revenue expenditure would not have been on the government balance sheet in any event). Public accounting standards are being changed to bring these numbers back onto the balance sheet. For example, in 2007 Neil Bentley, the

686: 3018: 3250: 1089:, reaffirmed this commitment with regard to the health sector, stating that "PFIs have always been the NHS’s 'plan A' for building new hospitals … There was never a 'plan B'". However, because of banks' unwillingness to lend money for PFI projects, the UK government now had to fund the so-called 'private' finance initiative itself. In March 2009 it was announced that the Treasury would lend £2bn of public money to private firms building schools and other projects under PFI. Labour's 3186:'s consultants' committee has said that as a result of the high costs of a PFI scheme in Coventry "they are potentially reducing jobs". In fact by 2005 the hospital trust in Coventry was anticipating a deficit of £13m due to PFI and "drastic measures" were required to plug the gap including shutting one ward, removing eight beds from another, shortening the opening hours of the Surgical Assessment Unit, and the "rationalisation of certain posts" – which meant cutting 116 jobs. 3384: 565: 3116: 1156: 541: 553: 3245:"It is a bit like taking out a pretty big mortgage in the expectation your income is going to rise, but the NHS is facing a period where that is not going to happen. Money is being squeezed and the size of the repayments will make it harder for some to make the savings it needs to. I don't see why the NHS can't go back to its lenders to renegotiate the deals, just as we would with our own mortgages." 782:(called "Topco") which is the same as the SPV mentioned above, a capital equipment or infrastructure provision company (called "Capco"), and a services or operating company (called "Opco"). The main contract is between the public sector authority and the Topco. Requirements then 'flow down' from the Topco to the Capco and Opco via secondary contracts. Further requirements then flow down to 742:(SPV). This consortium is typically formed for the specific purpose of providing the PFI. It is owned by a number of private sector investors, usually including a construction company and a service provider, and often a bank as well. The consortium's funding will be used to build the facility and to undertake maintenance and 3731:

savings might not be achieved was theoretically transferred to the private sector. In the appraisal this risk was valued at £5m but in practice the private contractor had no responsibility for ensuring clinical cost-savings and faced no penalty if there were none. Therefore, the supposed risk transfer was in fact spurious.

2995:. The contracts vary greatly in size. Most include the cost of running services such as facilities management, hospital portering and patient food, and these amount to around 40% of the cost. Total repayments will cost around £2.1 billion in 2017 and will reach a peak in 2029. This is around 2% of the NHS budget. 3220:

give regional examples, the £5.2bn of PFI investment in Scotland up to 2007 has created a public sector liability of £22.3bn and the investment of just £618m via PFI in Wales up to 2007 has created a public sector liability of £3.3bn. However, these debts are small compared to other public-sector liabilities.

3536:

There are already one or two PFI hospitals where wards and wings are standing empty because nobody wants to buy their services. There will be a temptation to say 'right we are stuck with these contracts so we will close down older hospitals', which may in fact be lower cost. Just closing down non-PFI

3232:

Mark Porter, of the British Medical Association said: "Locking the NHS into long-term contracts with the private sector has made entire local health economies more vulnerable to changing conditions. Now the financial crisis has changed conditions beyond recognition, so trusts tied into PFI deals have

3085:

We now have indexed payments for the next 35 years which at a time of growing concern over NHS budgets can only be a millstone. It isn't just that our scheme was expensive. Its very existence distorts whatever else needs to happen in this part of London and beyond. And that is before we get to paying

3013:

where the NHS Trust was forced to borrow money to make the first £54m payment owed to the PFI contractor. He said that the trust was in the ignominious position of struggling for money before the hospital's doors even opened. The trust could not afford to run all the services that it had commissioned

2998:

A 2009 study by University College London, studying data at hospitals built since 1995, supports the argument that private-sector providers are more accountable to provide quality services: It showed that hospitals operating under PFI have better patient environment ratings than conventionally funded

1138:

If you take the private finance out of PFI, you haven’t got much left . . . if you transfer the financial risk back to the public sector, then that has to be reflected in the structure of the contracts. The public sector cannot simply step in and lend the money to itself, taking more risk so that the

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contribution, generally handed over at the end of the construction period and subject to appropriate risk transfer and performance regimes being in place. The government indicated in its reform consultation that allowance for higher levels of capital contribution was being considered, noting the some

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Termination procedures are highly complex, as most projects are not able to secure private financing without assurances that the debt financing of the project will be repaid in the case of termination. In most termination cases the public sector is required to repay the debt and take ownership of the

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has criticised the Treasury for failing to negotiate better PFI funding deals with banks in 2009. The committee revealed that British taxpayers are liable for an extra £1bn because the Treasury failed to find alternative ways to fund infrastructure projects during the financial crisis. The committee

3601:

established an Infrastructure Finance Unit with a mandate to ensure the continuation of PFI projects. In April 2009, the unit stumped up £120m of public money to ensure that a new waste disposal project in Manchester would go ahead. Andy Rose, the unit head, said: "This is what we were set up to do,

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to provide central co-ordination for the roll-out of PFI. Known as the Treasury Taskforce (TTF), its main responsibilities are to standardise the procurement process and train staff throughout government in the ways of PFI, especially in the private finance units of other government departments. The

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said there were "significant weaknesses" in the way the contract was negotiated. The government agencies had failed to clarify Mapeley's tax plans until a late stage in the negotiations. Leigh said: "It is incredible that the Inland Revenue, of all departments, did not, during contract negotiations,

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acute embarrassment of the early days of PFI, when investors in projects made millions of pounds from refinancings and it turned out that the taxpayer had no right to any share in the gains ... Investors in one of the early prison projects, for example, made a £14m windfall gain and hugely increased

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study in 2003 endorsed the view that PFI projects represent good value for taxpayers' money, but some commentators have criticised PFI for allowing excessive profits for private companies at the expense of the taxpayer. An investigation by Professor Jean Shaoul of Manchester Business School into the

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On the other hand, the building of two new PFI Police Stations on behalf of Kent Police serving the Medway area and the North Kent area (Gravesend and Dartford) is credited as a successful PFI project. Supporters say that the new buildings take into account the modern needs of the police better than

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announced a £409m public-private funding package which would be funded through a non-profit distributing model which would cap private sector returns, returning any surplus to the public sector. On Monday 11 April 2016, 17 PFI-funded schools in Edinburgh failed to open after the Easter break because

1164:

The government's use of PFI has become totally discredited, so we need new ways to leverage private-sector investment . . . Labour's PFI model is flawed and must be replaced. We need a new system that doesn't pretend that risks have been transferred to the private sector when they can't be, and that

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specialists and an economist concluded that many PFI appraisals do not correctly calculate the true risks involved. They argued that the appraisal system is highly subjective in its evaluation of risk transferral to the private sector. An example was an NHS project where the risk that clinical cost

3520:

investigation into PFI noted the case of Balmoral High School in Northern Ireland which cost £17m to build in 2002. In 2007 the decision was made to close the school because of lack of pupils. But the PFI contract is due to run for another 20 years, so the taxpayer will be paying millions of pounds

3391:

While it is a catchy term, it is unclear what "value-for-money" means in practice and technical detail. A Scottish auditor once called it "technocratic mumbo-jumbo". A number of PFI projects have cost considerably more than originally anticipated. The duplication of design costs when each bidder in

3315:

On the other hand, Allyson Pollock argues that in many PFI projects risks are not in fact transferred to the private sector and, based on the research findings of Pollock and others, George Monbiot argues that the calculation of risk in PFI projects is highly subjective, and is skewed to favour the

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rules were preventing it from buying out its 40-year PFI contract, which could deliver savings of £30 million a year. The contract equity holders are receiving around £20 million in annual dividends which is "double the figure envisaged at the start of the project and projected to rise to £60m by

2942:

Getting the private sector to build and run prisons has brought tangible benefits. One is speed: private jails are built in as little as two years, rather than the seven that they used to take when the government did the building. Running costs are lower too, mainly because staff are paid a quarter

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in future projects, partly to better align the private and public sector interests in new projects. A consultation exercise was subsequently undertaken by the government regarding the terms on which the public sector stake would be managed, aiming for a generally consistent approach across projects

979:

Both Conservative and Labour governments sought to justify PFI on the practical grounds that the private sector is better at delivering services than the public sector. This position has been supported by the UK National Audit Office with regard to certain projects. However, critics claim that many

765:

Whether public interest is at all protected by a particular PFI contract is highly dependent on how well or badly the contract was written and the determination (or not) and capacity of the contracting authority to enforce it. Many steps have been taken over the years to standardise the form of PFI

753:

PFI contracts are typically for 25–30 years (depending on the type of project); although contracts less than 20 years or more than 40 years exist, they are considerably less common. During the period of the contract the consortium will provide certain services, which were previously provided by the

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produced a report into mistakes involving piped air being mistakenly supplied to patients rather than piped oxygen and said that cost pressures could make it difficult for trusts to respond to safety alerts because of the financial costs of replacing equipment. Private finance initiative contracts

3339:

It's a costly and inefficient way of delivering services. It's meant to mean a transfer of risk, but when things go wrong the risk stays with the public sector and, at the end of the day, the public, because the companies expect to get paid. The health board should now be seeking an exit from this

3219:

The debt created by PFI has a significant impact on the finances of public bodies. As of October 2007 the total capital value of PFI contracts signed throughout the UK was £68bn. However, central and local government are committed to paying a further £267bn over the lifetime of these contracts. To

3201:

Local authorities and health authorities have very good final-salary pension schemes. We have surveyed contractors in 'best value' deals. At only one company in the past three years was any pension provided. And that is the pattern across the public sector – not just in local government, and not

1182:

have made a decision that they want to expand PFI at a time when the value for money credentials of the system have never been weaker. The government is very concerned to keep the headline rates of deficit and debt down, so it's looking to use an increasingly expensive form of borrowing through an

904:

Initially, the private sector was unenthusiastic about PFI, and the public sector was opposed to its implementation. In 1993, the Chancellor of the Exchequer described its progress as "disappointingly slow". To help promote and implement the policy, he created the Private Finance Office within the

881:

which provided for European Economic and Monetary Union (EMU). To participate in EMU, EU member states were required to keep public debt below a certain threshold, and PFI was a mechanism to take debt off the government balance sheet and so meet the Maastricht convergence criteria. PFI immediately

2928:

However, a report by the National Audit Office in 2011 was much more critical, finding that the use of PFI "has the effect of increasing the cost of finance for public investments relative to what would be available to the government if it borrowed on its own account" and "the price of finance is

822:

Refinancing of PFI deals is common. Once construction is complete, the risk profile of a project can be lower, so cheaper debt can be obtained. This refinancing might in the future be done via bonds – the construction stage is financed using bank debt, and then bonds for the much longer period of

757:

The public authority will design an "output specification" which is a document setting out what the consortium is expected to achieve. If the consortium fails to meet any of the agreed standards it should lose an element of its payment until standards improve. If standards do not improve after an

3718:

saying that many PFI appraisals suffer from "spurious precision" and others are based on "pseudo-scientific mumbo-jumbo". Some, he says, are simply "utter rubbish". He noted government pressures on contracting authorities to weight their appraisals in favour of taking their projects down the PFI

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One key criticism of PFI, when it comes to value for money, is the lack of transparency surrounding individual projects. This means that independent attempts, such as that by the Association for Consultancy and Engineering, to assess PFI data across government departments have been able to find

1151:

in the coalition, sought to distance his party from the excesses of PFI by blaming Labour for its misuse. At the time, Osborne proposed a modified PFI which would preserve the arrangement of private sector investment for public infrastructure projects in return for part-privatisation, but would

3284:'s Director of Public Services, told a conference that the CBI was keen for the government to press ahead with accounting rule changes that would put large numbers of PFI projects onto the government's books. He was concerned that accusations of "accounting tricks" were delaying PFI projects. 3279:

In the UK, the technical reason why PFI debts are off-balance-sheet is that the government authority taking out the PFI theoretically transfers one or more of the following risks to the private sector: risk associated with demand for the facility (e.g. under-utilisation); risk associated with

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often seek to withhold crucially important financial information about matters such as affordability and value for money. In addition, the complexity of many PFI projects means that governors, teachers and support staff are often asked to "take on trust" assurances about proposals which have

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for jeopardising the lives of 300 patients and staff. The Newsam Centre is for people with lifelong learning difficulties and the mentally ill. The report said that there were shortcomings "in each of the five key areas of documentation, design, construction, operation and management" at the

859:

to cover these risks and includes anticipated insurance costs in its PFI charges. However, it has been recognised that levels of insurance premium are variable following cyclical economic changes, and difficult to predict over the lifetime of a PFI project. PFI terms were amended in 2002 and

1195:

In November 2010 the UK government released spending figures showing that the current total payment obligation for PFI contracts in the UK was £267 billion. Research has also shown that in 2009 the Treasury failed to negotiate decent PFI deals with publicly owned banks, resulting in £1bn of

814:

has become more common. Smaller PFI projects – the majority by number – have typically always been funded directly by banks in the form of senior debt. Senior debt is generally slightly more expensive than bonds, which the banks would argue is due to their more accurate understanding of the

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which oversees the work of the NAO, said: "By introducing a private finance element to the deal, the MoD managed to turn what should have been a relatively straightforward procurement into a bureaucratic nightmare". The NAO criticised the MoD for failing to carry out a "sound evaluation of

1010:

staffers. They recommended the creation of a Treasury Task Force (TTF) to train public servants into PFI practice and to coordinate the implementation of PFI. In 1998, the TTF was renamed to "Partnership UK" (PUK) and sold 51% of its share to the private sector. PUK was then chaired by Sir

708:

infrastructure and/or services according to a specification defined by the public sector. It is a sub-set of a broader procurement approach termed public-private partnership (PPP), with the main defining characteristic being the use of project finance (using private sector debt and equity,

3552:, a self-acknowledged PFI "nerd", the fundamental problem was the rate of interest charged because of a lack of competition between providers. "Barts was a £1bn project. They’ll pay back £7bn. That is not good value for money". She wants to see a windfall tax on the PFI companies. 3479:

alternative procurement routes" because there had been the "assumption" in the ministry that the aircraft must be provided through a PFI deal in order to keep the numbers off the balance sheet, due to "affordability pressures and the prevailing policy to use PFI wherever possible".

1097:, claimed the loans should ensure that projects worth £13bn – including waste treatment projects, environmental schemes and schools – would not be delayed or cancelled. She also promised that the loans would be temporary and would be repaid at a commercial rate. But, at the time, 1023:. These changes meant that the government transferred the responsibility of managing PFI to a corporation closely related with the owners, financiers, consultants, and subcontractors that stood to benefit from this policy. This created a strong appearance of conflict of interest. 826:

The banks who fund PFI projects are repaid by the consortium from the money received from the government during the lifespan of the contract. From the point of view of the private sector, PFI borrowing is considered low risk because public sector authorities are very unlikely to

3165:

When spending is tight, hospitals may prefer to retain medical staff and services by spending less on building maintenance. But under PFI, hospitals are forced to prioritise the contractual payments for their buildings over jobs and, according to figures published by the

3622:"suggests that the government should have temporarily abandoned PFI to directly fund some projects, instead of allowing the banks – many of which were being bailed out with billions of pounds of public money at the time – to increase their charges . . . by up to 33%". 3178:"A hospital with a PFI scheme contractually bound to keep the maintenance up – and if you are spending 10 or 15 per cent on your buildings it means all the other efficiency and productivity gains you need have to come out of only 85 or 90 per cent of your budget." 3654:

governments of Scotland, Wales and Northern Ireland have their own equivalents of the NAO such as the Wales Audit Office and the Northern Ireland Audit Office which review PFI projects in their respective localities. In recent years the Finance Committees of the

3679:

to pay the private sector for these projects is given by central government in the form of what are known as PFI "credits". The local authority then selects a private company to perform the work, and transfers detailed control of the project, and in theory the

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project to develop a fleet of multi-role RAF tanker and passenger aircraft was delayed for over 5 years while, in the meantime, old and unreliable planes continue to be used for air-to-air refuelling, and for transporting troops to and from Afghanistan.

1050:, a scheme introduced for improving the infrastructure of Britain's schools. Of the £2.2 billion funding that the Labour government committed to BSF, £1.2 billion (55.5%) was to be covered by PFI credits. Some local authorities were persuaded to accept 1307:, announced that the UK Government will no longer use PF2, the current model of Private Finance Initiative, for new infrastructure projects, due to value-for-money considerations and the difficulties caused by the collapse of PFI construction company 3223:

Annual payments to the private owners of the PFI schemes are due to peak at £10bn in 2017. In some cases Trusts are having to 'rationalise' spending by closing wards and laying off staff, but they are not allowed to default on their PFI payments. As

3025:

The high cost of hospitals built under PFI is forcing service cuts at neighbouring hospitals built with public money. Overspending at the PFI-funded Worcestershire Royal Hospital has put a question mark over services at neighbouring hospitals. A

3507:

has said that the idea that contracting out the school building process via PFI would free up head teachers to concentrate on education has turned out to be a myth. In many cases it has in fact increased the workload on already stretched staff.

1117:

The whole thing has become terribly opaque and dishonest and it's a way of hiding obligations. PFI has now largely broken down and we are in the ludicrous situation where the government is having to provide the funds for the private finance

1080:

which began in 2007 presented PFI with difficulties because many sources of private capital had dried up. Nevertheless, PFI remained the UK government's preferred method for public sector procurement under Labour. In January 2009 the Labour

1196:

unnecessary costs. This failure is particularly grave given the coalition's own admission in their national infrastructure plan that a 1% reduction in the cost of capital for infrastructure investment could save the taxpayer £5bn a year.

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in 2017 calculated that PFI companies had made pre-tax profits from the NHS of £831m in the previous six years. They calculate that PFI payments in the NHS will rise from £2.2 billion in 2019–20 to a peak of £2.7 billion in 2029–30.

3399:

More recent reports indicate that PFI represents poor value for money. A treasury select committee stated that 'PFI was no more efficient than other forms of borrowing and it was "illusory" that it shielded the taxpayer from risk'.

2982:

KPMG investigations in 2008 and 2009 found that school renewals had beneficial impacts on educational outcomes and that the rate of improvement was higher in PFI schools than where construction or renewal was conventionally funded.

1218:

PFI deal. Once savings and efficiencies are identified, the hope - as yet unproven - is that the PFI consortium can be persuaded to modify its contract. The same process could potentially be applied across a range of PFI projects.

3320:

When private companies take on a PFI project, they are deemed to acquire risks the state would otherwise have carried. These risks carry a price, which proves to be remarkably responsive to the outcome you want. A paper in the

1169:

Despite being so critical of PFI while in opposition and promising reform, once in power George Osborne progressed 61 PFI schemes worth a total of £6.9bn in his first year as Chancellor. According to Mark Hellowell from the

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explained "In September 1997 the government declared that these payments would be legally guaranteed: beds, doctors, nurses and managers could be sacrificed, but not the annual donation to the Fat Cats Protection League".

1260:

but with scope for details to be finalised prior to operation to reflect any project-specific issues. The government's response to the consultation and the "Standard PF2 Equity Documents" were published in October 2013.

665:"PFI should be brought on balance sheet. The Treasury should remove any perverse incentives unrelated to value for money by ensuring that PFI is not used to circumvent departmental budget limits. It should also ask the 3325:

shows that before risk was costed, the hospital schemes it studied would have been built much more cheaply with public funds. After the risk was costed, they all tipped the other way; in several cases by less than

1235:

centralise procurement by and for government departments, increase Treasury involvement in the procurement process, and move the management of all public sector investment in PFI schemes into a central unit in the

1187:

The high cost of PFI deals is a major issue, with advocates for renegotiating PFI deals in the face of reduced public sector budgets, or even for refusing to pay PFI charges on the grounds that they are a form of

3436:. The committee said it was "a very serious blow indeed" for the government's own tax-collecting services to have entered into the contract with Mapeley, whom they described as "tax avoiders". Conservative MP 4735: 4220: 2917:

in July 2003 was supportive, showing that the only deals in its sample which were over budget were those where the public sector changed its mind after deciding what it wanted and from whom it wanted it.

944:, announced that "when there is a limited amount of public-sector capital available, as there is, it's PFI or bust". PFI expanded considerably in 1996 and then expanded much further under Labour with the 3334:

where surgeons were forced to continue a heart operation in the dark following a power cut caused by PFI operating company Consort, Dave Watson from Unison criticised the way the PFI contract operates:

3602:

to get involved where private sector capital is not available." In May 2009 the unit proposed to provide £30m to bail out a second PFI project, a £700m waste treatment plant in Wakefield. In response,

7763: 6944: 991:

who could not provide a rationale for PFI other than to "declare repeatedly that the public sector is bad at management, and that only the private sector is efficient and can manage services well."

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have also admitted that they may have to attempt to renegotiate certain PFI contracts in order to reduce payments, although it is far from certain that the private investors would accept this.

3532:

has argued that the government commissioned some PFI hospitals without a proper understanding of their costs, resulting in a number of hospitals which are too expensive to be used. He said:

3037:

In 2012, seven NHS trusts were unable to meet the repayments for their private finance schemes and were given £1.5 billion in emergency funding, to help them avoid cutting patient services.

2965:

Individuals have speculated that some PFI projects have been shoddily specified and executed. For example, in 2005 a confidential government report condemned the PFI-funded Newsam Centre at

1076:

By October 2007 the total capital value of PFI contracts signed throughout the UK was £68bn, committing the British taxpayer to future spending of £215bn over the life of the contracts. The

3396:(RIBA) put forward a model known as "Smart PFI" in 2005, under which a traditionally appointed design team would prepare "example plans" which would be finalised and costed by PFI bidders. 4707: 713:, private sector companies operate the public facilities, sometimes using former public sector staff who have had their employment contracts transferred to the private sector through the 6900: 6249: 4722: 3590:', while the majority stake in PUK was owned by private sector investors. PUK was then staffed almost entirely by private sector procurement specialists such as corporate lawyers, 3041: 1909: 7721:

Private Finance Initiative in the National Health Service: The Nature, Emergence and the Role of Management Accounting in Decision Making and Post-decision Project Evaluation

860:

standardised in 2006 to allow for insurance cost sharing mechanisms, whereby the client and contractor could share the risk of market fluctuation in insurance premium costs.

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Under guidance issued prior to the reform proposals initiated in December 2011, public sector partners were permitted to contribute up to 30% of the construction costs as a

7719: 1816: 2947:

On the other hand, Monbiot argues that the specifications of many public infrastructure projects have been distorted to increase their profitability for PFI contractors.

758:

agreed period, the public sector authority is usually entitled to terminate the contract, compensate the consortium where appropriate, and take ownership of the project.

3112:

which has risen more rapidly than the NHS tariff. He estimated that payments were about 3 percent higher than those incurred using traditional public dividend capital.

7077: 6487: 6054: 3594:, consultants and so forth. It took the lead role in evangelising PFI and its variants within government, and was in control of the policy's day-to-day implementation. 7695: 3631: 7246: 4227: 2713: 2246: 3078: 3061: 3009:'s consultants' committee has said that PFI debts are "distorting clinical priorities" and affecting the treatment given to patients. Fielden cited the example of 1871: 1717: 1652: 1192:. Critics such as Peter Dixon argue that PFI is fundamentally the wrong model for infrastructure investment, saying that public sector funding is the way forward. 2925:

in 2009 found that 69 per cent of PFI construction projects between 2003 and 2008 were delivered on time and 65 per cent were delivered at the contracted price.

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announced that the UK government would no longer use PFI for new infrastructure projects; however, PFI projects will continue to operate for some time to come.

6124: 6028: 2999:

hospitals of similar age. The PFI hospitals also have higher cleanliness scores than non-PFI hospitals of similar age, according to data collected by the NHS.

7183:

Pollock, Allyson M; Shaoul, Jean; Vickers, Neil (18 May 2002), "Private finance and "value for money" in NHS hospitals: a policy in search of a rationale?",

6825: 6638: 3087: 1697: 3202:

just 'best value'. It happens in PFI too. TUPE does not apply to pensions. The Government is supposed to have revised TUPE, integrating the Acquired Rights

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Supporters of PFI claim that risk is successfully transferred from public to private sectors as a result of PFI, and that the private sector is better at

7924: 3066: 2057: 1833: 6922: 4885: 8008: 7556: 7421: 2900:

published a full list of PFI contracts by department in July 2012, and HM Treasury published a full list of PFI contracts by department in March 2015.

1975: 1200: 4169: 7341: 4736:

Government response to: A new approach to public private partnerships consultation on the terms of public sector equity participation in PF2 projects

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PFI structure can be maintained while leaving the private sector with the high returns these projects can bring. That seems to us fairly ridiculous.

1038:, the delegates adopted a resolution condemning PFI and calling for an independent review of the policy, which was ignored by the party leadership. 8064: 7919: 3537:

hospitals in order to up activity in the PFI ones is not going to be the answer because we may have the wrong kind of services in the wrong places.

2429: 2187: 2012: 1779: 1433: 5915: 4908: 6536: 5606: 4371: 3869: 2229: 595: 7279: 4106:

Shaoul, Jean; Stafford, Anne; Stapleton, Pamela (2007). "Partnerships and the role of financial advisors: private control over public policy?".

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TTF initially consisted of a policy arm staffed by five civil servants, and a projects section employing eight private sector executives led by

839:). Repayment depends entirely on the ability of the consortium to deliver the services in accordance with the output specified in the contract. 7942: 7688: 3851: 2644: 1933: 6253: 3366:

revealed that the rate of return for the companies on twelve large PFI Hospitals was 58%. Excessive profits can be made when PFI projects are

819:

providers underestimate the risk, especially during the construction stage, and hence can offer a better price than the banks are willing to.

2659: 1758: 7136: 3944: 3056: 1613: 1392: 5532: 3034:. The paper attributed the debts in part to their high fixed PFI costs and suggested that the same would soon apply to Lewisham Hospital. 6808: 6470: 3123: 2974:

the 60s/70s building, and that another advantage is that the old buildings can be sold for income or redeveloped into the police estate.

750:

for contract amendment discussions between the customer and the facility operator. SPVs often charge fees for this go-between 'service'.

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of structural problems identified in two of them the previous Friday; the schools had been erected in the 1990s by Miller Construction.

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Written evidence to the Finance Committee of the Scottish Parliament with regards to its inquiry into the funding of capital investment

4748: 3647: 3618: 3475: 3417: 1454: 6102: 5889: 1242:

exclude "soft services" from PFI schemes where the specification was likely to change at short notice (such as catering and cleaning);

8059: 5798: 5628: 3646:

and is independent of Government. It provides reports on the value for money of many PFI transactions and makes recommendations. The

3504: 3134: 1592: 1208: 1066: 653:

felt that it provided good value for money overall; according to critics, PFI has been used simply to place a great amount of debt "

3780: 2417: 1554: 4194: 8074: 7598: 5679: 5260: 4805: 3051: 2316: 1808: 1404: 1003: 7079:

Written Evidence to the National Assembly for Wales Finance Committee with Regards to its Inquiry on Public Private Partnerships

5558: 5216: 3487:

Critics claim that the complexity of many PFI projects is a barrier to accountability. For example, a report by the Trade Union

3189:

Under PFI, many staff have their employment contracts automatically transferred to the private sector, using a process known as

8054: 7896: 6432: 6309: 6275: 5864: 3707: 3639: 3450: 3358: 3345: 2922: 2737: 2698: 2128: 1954: 1741: 1533: 1297: 883: 754:

public sector. The consortium is paid for the work over the course of the contract on a "no service no fee" performance basis.

650: 291: 6992: 901:, warned that "apparent savings now could be countered by the formidable commitment on revenue expenditure in years to come". 7904: 7302: 7086: 6491: 5312: 5010: 3393: 2170: 6848: 5172: 4638: 4326: 7974: 7909: 7732: 4137: 3458: 2951: 2786: 2722: 1946: 1863: 1315: 628: 7390: 6176: 994: 7934: 7756: 4756: 2373: 2149: 2137: 2066: 1796: 1463: 1268: 588: 331: 6587:"'Sheffield Council 'unaware' of company's corporate manslaughter conviction before signing two BILLION pound contract'" 5758: 5056: 4572: 4021: 3896:"The dynamics of contractual and relational governance: Evidence from long-term public-private procurement arrangements" 709:

underwritten by the public) in order to deliver the public services. Beyond developing the infrastructure and providing

6514: 5430: 5104: 4663: 3312:) when the cost of the complex scientific laboratory, which was ultimately built, was very much larger than estimated. 2296: 1854: 1685: 1501: 1264: 1179: 1110: 921:

firms who had a vested interest in the success of PFI. The largest of the early PFI projects was Pathway, announced by

520: 296: 7706: 7326: 5238: 4933: 7886: 4965: 4686: 4529: 4507: 4348: 4292: 3281: 3071: 2267: 1842: 1788: 1676: 1077: 973: 799: 6809:

PFI in school building – does it influence educational outcomes? KPMG’s Infrastructure Spotlight Report 2009 Edition

3719:

route: "If the answer comes out wrong you don't get your project. So the answer doesn't come out wrong very often."

8079: 6701: 5286: 5034: 3776:"De facto privatisation or a renewed role for the EU? Paying for Europe's healthcare infrastructure in a recession" 3462: 3297: 3046: 3031: 2959: 2852: 2439:

There have been some six Scottish hospitals procured under a PFI contract with capital cost exceeding £50 million:

2364: 2352: 1888: 1492: 1480: 1371: 1131: 957: 666: 273: 1207:, directing the cuts to those projects where least progress had been made with contract procurement and obtaining 627:" (PPPs) where private firms are contracted to complete and manage public projects. Initially launched in 1992 by 8023: 7033: 2179: 1326:

There have been over 50 English hospitals procured under a PFI contract with capital cost exceeding £50 million:

1106: 1090: 1047: 162: 3170:, these committed payments can account for up to 20% of operating budget. Nigel Edwards, head of policy for the 4616: 3582:(OGC), but it was subsequently moved back to the Treasury. The projects section was part-privatised and became 3416:, including a deal to sell properties belonging to the UK government's own tax authority. The House of Commons 2033: 1580: 945: 624: 581: 142: 7641:

Gaffney, D.; Pollock, Allyson M.; Price, D.; Shaoul, J. (1999), "PFI in the NHS: is there an economic case?",

5478: 4258: 3991: 3340:

failed arrangement with Consort and at the very least be looking to bring facilities management back in-house.

746:

replacement during the life-cycle of the contract. Once the contract is operational, the SPV may be used as a

8069: 8033: 7998: 3688: 3579: 2541: 2510: 1542: 1082: 937: 253: 7579: 6874: 6612: 5510: 4163:"The U.K. Treasury Infrastructure Finance Unit: Supporting PPP Financing During the Global Liquidity Crisis" 3392:

the latter stages of project procurement is preparing its own design was the subject of some criticism: the

1271:, the rebuilding and/or refurbishment of 46 schools in England was funded and procured using the PF2 model. 1113:, argued in favour of traditional public financing structures instead of propping up PFI with public money: 8003: 5386: 3331: 3233:

even less freedom to make business decisions that protect services, making cuts and closures more likely."

3010: 2577: 2472: 2208: 2083: 1880: 1709: 836: 685: 462: 316: 258: 7057: 3108:

An anonymous NHS finance director pointed out in November 2015, that PFI payments are often linked to the

1300:

found that the UK had incurred many billions of pounds in extra costs for no clear benefit through PFIs.

835:

rules, national governments are not permitted to go bankrupt (although this is sometimes ignored, as when

646:

public policy, and presented as a means for increasing accountability and efficiency for public spending.

7808: 6446: 6382: 6313: 4083: 3660: 3183: 3154: 3006: 2553: 1643: 1239:

draw funding providers into projects at an earlier stage to reduce windfall gains when they were sold on;

1148: 985: 894: 832: 617: 321: 195: 6679: 5194: 4481: 3030:

paper in 2007 noted debts at two hospitals in south-east London: Princess Royal University Hospital and

7798: 7779: 7564: 7270: 7230:

Carrell, Severin (21 April 2012), "Power cut leaves surgeons operating by torchlight at PFI hospital",

7144: 4723:

Projects and Regeneration: Treasury issues model for public sector equity participation in PF2 projects

4379: 3952: 3611: 3027: 2958:"; PFI deals were signed for barracks, headquarters buildings, training for pilots and sailors, and an 2489: 2116: 1729: 1634: 1625: 1513: 1058: 4594: 6776: 6408: 5842: 4050: 3711: 3495: 2836: 2238: 1925: 1825: 1421: 658: 635: 384: 152: 132: 87: 6426: 4860: 4778: 8028: 5963:"Pinderfields & Pontefract Hospitals (the cost was £311 million in total across two hospitals)" 3747: 3234: 2308: 2021: 1984: 1563: 1051: 855:

PFI contracts generally allocate risks to the private sector contractor, who takes out appropriate

505: 346: 77: 7486: 4834: 2801: 7863: 7185: 6331: 6150: 4810: 3723: 3638:

are making it difficult for MPs to scrutinise the growing number of PFI contracts in the UK. The

3529: 3471: 3322: 3193:. In many cases this results in worse terms of employment and pension rights. Heather Wakefield, 2405: 2393: 2340: 2217: 1921: 1767: 1425: 1171: 1123: 1046:

In education, the first PFI school opened in 2000. In 2005/2006 the Labour Government introduced

1035: 953: 874: 515: 82: 7034:"Public-private discord: Taxpayers will foot the bill if the City has got its sums wrong on PFI" 5078: 3671:

PFI is used in both central and local government. In the case of local government projects, the

2778: 7980: 7969: 7876: 7728: 7359: 6356: 6227: 5701: 5334: 3421: 2884: 2821: 2599:

The following is a selection of major projects in other sectors procured under a PFI contract:

2557: 2288: 2200: 2196: 2092: 1664: 1601: 1359: 1102: 739: 620: 215: 205: 7106: 6723: 6467: 5368: 3825: 3597:

In March 2009, in the face of funding difficulties caused by the global financial crisis, the

2758: 7871: 6125:"Smethwick super hospital on way at last as Chancellor George Osborne agrees to £353m scheme" 2943:

less than in the public sector (though senior managers are paid more) and get fewer benefits.

2255: 2101: 1203:(DEFRA) withdrew funding support from seven waste management PFI projects as a result of the 525: 301: 210: 112: 6749: 6076: 5962: 5658:"City gets £300m hospitals revamp (the cost was £300 million in total across two hospitals)" 5408: 6202: 5584: 5287:"University College London Hospitals wins award for Best Health Project (over £20 million)" 3692: 3607: 3167: 1942: 1750: 1571: 1442: 1380: 1256: 1204: 1016: 786:, again with contracts to match. Often the main subcontractors are companies with the same 689: 379: 374: 364: 72: 8: 7881: 3672: 3656: 3642:(NAO) is responsible for scrutinising public spending throughout the UK on behalf of the 2276: 2158: 1988: 1967: 1897: 1505: 1215: 1126:

considered that, with the taxpayer now funding it directly, PFI had become "ridiculous".

743: 500: 233: 5984: 5780: 7948: 7663: 7207: 4198: 3915: 3802: 3775: 3643: 3591: 3109: 2635: 2328: 2000: 1546: 1248:

improve transparency and accountability by both public and private sector participants;

1231:

outlining the results of a review of the PFI and proposals for change. These aimed to:

1062: 847:

international practice also offered examples of higher levels of capital contribution.

495: 6794: 6332:"The Doughnut, the less secretive weapon in the fight against international terrorism" 6006: 5657: 5264: 5150: 5105:"NHS capital expenditure and the private finance initiative—expansion or contraction?" 1065:'s infrastructure and rolling stock. The two private companies created under the PPP, 7838: 7668: 7308: 7298: 7212: 5937: 5483: 4961: 4454: 4314:

Investment in school buildings and PFI - do they play a role in educational outcomes?

4288: 3919: 3807: 3614:

described the use of public money to finance PFI as "Alice in Wonderland economics".

3265: 3203: 3171: 3017: 2966: 2529: 2514: 2493: 1384: 1183:

intermediary knowing the investment costs won't immediately show up on their budgets.

1152:

ensure proper risk transfer to the private sector along with transparent accounting:

1031: 933: 878: 843: 828: 654: 545: 447: 437: 427: 57: 25: 7017:

Timmins, Nicholas (23 January 2010). "Spending Squeeze To Hurt Hospitals The Most".

6177:"Wishaw General set to cost taxpayers £813 million after controversial PFI contract" 877:

Government led by John Major in 1992. It was introduced against the backdrop of the

8013: 7658: 7650: 7463: 7202: 7194: 6562: 5017: 4115: 3907: 3797: 3789: 3002: 2565: 2141: 2045: 1963: 1020: 898: 557: 467: 432: 407: 167: 67: 7373: 5335:"The PFI contract for the redevelopment of the West Middlesex University Hospital" 7959: 7954: 7833: 7702: 6474: 4955: 4886:"Private Finance Initiative (PFI) and Private Finance 2 (PF2): Budget 2018 brief" 4573:"The bill for PFI contracts is an outrage. Let us refuse to pay this odious debt" 4330: 3911: 3715: 3676: 3635: 3583: 3575: 3571: 3371: 3363: 3293: 3081:, with the largest PFI-built hospital in England, has gone on the record to say: 2860: 2501: 1525: 1284: 1280: 1007: 981: 925:

in 1995, which was to automate the handling of benefit payments at post offices.

906: 779: 569: 490: 422: 412: 402: 311: 190: 101: 52: 6077:"New £429m Royal Liverpool University Hospital given the green light – BBC News" 5723: 1034:, which are Labour supporters, strongly opposed these developments. At the 2002 998:

Sign on the door of Central Manchester University Hospitals NHS Foundation Trust

7848: 7823: 7813: 4426: 4119: 3691:

used PFI for household waste and recycling services, selecting private company

3525: 3309: 3300:. This deal ultimately caused the collapse of the building contractor Laser (a 3238: 3207: 3127: 2766: 2397: 2120: 1304: 1144: 1127: 961: 910: 886: 803: 701: 674: 643: 457: 306: 147: 127: 7198: 6151:"New Royal Infirmary, Edinburgh, Keppie Architects, Edinburgh Royal Infirmary" 5916:"Builders face questions over numerous defects at £75m Middlesbrough hospital" 3852:"PFI 'still being used to keep costs off balance sheet' | Public Finance" 8048: 7853: 7818: 7748: 7654: 7444: 7312: 6966: 4553: 3793: 3727: 3703: 3549: 3413: 3301: 3269: 3150: 2934: 2221: 1584: 1094: 890: 783: 705: 639: 452: 442: 417: 157: 137: 122: 107: 33: 6849:"PFI-funded hospitals outshine peers in study of cleanliness - Times Online" 4988: 3249: 7828: 7793: 7672: 7232: 7216: 4084:"This Great Free-Market Experiment Is More Like A Corporate Welfare Scheme" 3811: 3603: 3587: 3467: 3437: 2809: 2686: 1086: 988: 941: 922: 787: 775: 472: 369: 117: 62: 7694:

Northern Ireland Audit Office report (2004) into PFI in the health sector

7531:"The Bedpan: It's difficult for people to imagine different could be good" 7247:"PFI contracts a 'systemic' barrier to safety improvement, warns watchdog" 5289:. University College London Hospitals NHS Foundation Trust. Archived from 4530:"George Osborne backs 61 PFI projects despite earlier doubts over costing" 3383: 747: 7843: 7803: 7740: 7530: 6666: 5079:"Crisis-hit hospital finds that private finance for NHS comes at a price" 3598: 3566: 3517: 3424:

over the PFI STEPS deal to sell about 600 properties to a company called

3367: 3258: 3101: 2992: 2914: 2746: 2480: 1228: 1189: 1098: 1012: 949: 918: 914: 811: 807: 717:

process which applies to all staff in a company whose ownership changes.

697: 510: 268: 263: 243: 92: 6302:

The Termination of the PFI Contract for the National Physical Laboratory

564: 8018: 7964: 6203:"PFI data sheet: Hairmyres Hospital, Lanarkshire Acute Hospitals Trust" 5290: 4934:"UK Chancellor announces end of the Private Finance Initiative ('PFI')" 3651: 3126:

was the first to buy out a PFI contract, borrowing £114.2 million from

2690: 2663: 2162: 2049: 2025: 1733: 1446: 1214:

In February 2011 the Treasury announced a project to examine the £835m

1070: 965: 929: 735: 631: 341: 238: 200: 97: 5745: 5011:"Private Finance Initiative – Norfolk and Norwich University Hospital" 3663:

have held enquiries into whether PFI represents good value for money.

3296:. As an example of successful risk transfer they cite the case of the 3115: 1155: 669:

to include PFI liabilities in future assessments of the fiscal rules".

3542: 3429: 3146: 2876: 2581: 2421: 2356: 2259: 1689: 1308: 882:

proved controversial, and was attacked by Labour critics such as the

856: 248: 47: 5890:"Walsall's new £174million hospital is leading the green revolution" 3973: 3379:

rates of return when they used falling interest rates to refinance.

3276:

technicality has been characterized as a benefit and a flaw of PFI.

762:

project. In practice, termination is considered a last resort only.

5488: 4309: 3578:

Dresdner Kleinwort Benson. In 1999 the policy arm was moved to the

2589: 2443:

Major Scottish hospitals (with capital cost exceeding £50 million)

1484: 1363: 816: 731: 326: 172: 3870:"Committee publishes report on Private Finance Initiative funding" 1330:

Major English hospitals (with capital cost exceeding £50 million)

6787: 6660: 4909:"Hammond abolishes PFI contracts for new infrastructure projects" 3433: 3425: 3273: 2533: 2332: 1901: 1605: 710: 540: 6537:"Defence Infrastructure Organisation: Project Allenby Connaught" 4195:"Green Party Policy on the Private Financing of Public Services" 1291: 7733:"P. F. Eye: An idiot's guide to the Private Finance Initiative" 7599:"New £120m waste collection contract for South Gloucestershire" 6250:"First Minister of Scotland tops out new Forth Valley Hospital" 6103:"Skanska's Royal Papworth Hospital delayed over cladding fears" 3488: 3194: 2004: 1771: 1668: 1027: 552: 6055:"The Pacemaker: Inside Laing O'Rourke's fastest ever hospital" 3650:

also provides reports on these issues at a UK-wide level. The

3042:

Barking, Havering and Redbridge University Hospitals NHS Trust

1910:

Barking, Havering and Redbridge University Hospitals NHS Trust

909:. These institutions were staffed with people linked with the 7420:. Association for Consultancy and Engineering. Archived from 6228:"New Stobhill Hospital Ambulatory Care and Diagnostic Centre" 4284: 3454: 3305: 2382:

Royal Liverpool and Broadgreen University Hospitals NHS Trust

1846: 1413:

Norfolk and Norwich University Hospitals NHS Foundation Trust

1251:

increase the proportion of risk carried by the public sector.

6995:. Centre for Health and the Public Interest. 18 October 2018 5453:"Balfour Beatty sells its stake in Royal Blackburn Hospital" 4957:

The PFI contract for the new Dartford and Gravesham Hospital

3130:

in a deal which reduced its costs by £3.5 million per year.

1817:

Central Manchester University Hospitals NHS Foundation Trust

7708:

The PFI: Scotland's Plan for Expansion and its Implications

7505:"Live near one of these hospitals? Try not to get ill soon" 7167:"Treasury to ensure taxpayer is not the loser in PFI deals" 6993:"DEALING WITH THE LEGACY OF PFI – OPTIONS FOR POLICYMAKERS" 3681: 3545:

labouring under PFI-related debts were at risk of closure.

3190: 1006:

to chair the efforts to review the policy with a number of

766:

contracts to ensure public interests are better protected.

714: 7356:

BSF procurement review: RIBA's Smart PFI takes step closer

7342:"Cost overruns in NHS trust hospitals under PFI contracts" 5387:"Brent Emergency Care & Diagnostic Centre, London, UK" 4806:"Edinburgh's 17 Closed PFI Schools May Have To Be Rebuilt" 774:

The typical PFI provider is organized into three parts or

7640: 6901:"FT accuses Treasury of being inflexible over PFI buyout" 5799:"Multiplex preferred bidder at Peterborough hospital PFI" 5533:"Firms usher in new PFI era with credit guarantee scheme" 2247:

Tameside and Glossop Integrated Care NHS Foundation Trust

1255:

Under this "new approach", the government would become a

969: 4327:"Building Schools for the Future - Government factsheet" 3774:

Barlow, James; Roehrich, Jens K.; Wright, Steve (2010).

3565:

In July 1997 a PFI taskforce was established within the

3079:

University College London Hospitals NHS Foundation Trust

3062:

Peterborough and Stamford Hospitals NHS Foundation Trust

1718:

University Hospitals Coventry and Warwickshire NHS Trust

1653:

University College London Hospitals NHS Foundation Trust

815:

credit-worthiness of PFI deals – they may consider that

5746:

First patients at Birmingham's Queen Elizabeth Hospital

4105: 1314:

A Centre of Excellence is to be established within the

1002:

To better promote PFI, the Labour government appointed

980:

uses of PFI are ideological rather than practical; Dr.

7362:, published 27 November 2009, accessed 5 February 2024 6556: 6554: 5781:"New £650m Royal London Hospital opens in Whitechapel" 5585:"Carillion completes £60m Lewisham Hospital extension" 3362:

profitability of PFI deals based on accounts filed at

3197:'s national secretary for local government, has said: 7624: 7166: 6329: 5728:, St Helens and Knowsley Teaching Hospitals NHS Trust 5607:"Skanska wins PFI hospital scheme in Nottinghamshire" 5133: 4670:, published 6 December 2010, accessed 20 January 2024 4588: 4586: 4482:"PFIs: the good and the bad - but still on the table" 4408: 4022:"The Private Finance Initiative (PFI) was introduced" 3404:

significant variations in the costs to the taxpayer.

3014:

and was having to mothball services and close wards.

1872:

St George's University Hospitals NHS Foundation Trust

1698:

Chelsea and Westminster Hospital NHS Foundation Trust

802:, large PFI projects were funded through the sale of 7182: 7012: 7010: 6923:"Trusts seek more cash support and buyouts for PFIs" 3773: 3491:

entitled "What is Wrong with PFI in Schools?" says:

2075:

University Hospitals Birmingham NHS Foundation Trust

893:(House of Commons, 7 December 1993), and the future 7580:"Treasury set to bail out second recession-hit PFI" 7327:"UK government procurement, a litany of ineptitude" 7130: 7128: 6551: 5629:"Shepherd Construction gets preferential treatment" 5217:"Moving three hospitals is a truly major operation" 3349:increased those costs and exacerbated the problem. 3067:

St Helens and Knowsley Teaching Hospitals NHS Trust

2058:

St Helens and Knowsley Teaching Hospitals NHS Trust

1834:

Cambridge University Hospitals NHS Foundation Trust

889:, who said that PFI was really a back-door form of 7269: 7032:Morgan, Oliver; Mathiason, Nick (6 October 2006), 6875:"NHS trusts struggling with PFI debts to get help" 6819: 6817: 6777:"Private Finance Hospital 'Putting Lives at Risk'" 5110:. British Medical Journal. 3 July 1999. p. 49 4833: 4664:Defra reveals rationale for waste PFI funding cuts 4583: 4508:"The Great Debate: Will Hutton vs. George Osborne" 3998:, published 1 December 2011, accessed 12 June 2024 3893: 3268:, meaning that they do not show up as part of the 3100:The trust complained in July 2019 that inflexible 1976:Newcastle upon Tyne Hospitals NHS Foundation Trust 1283:in 2005 to handle PFI projects. In November 2014, 1201:Department for Environment, Food and Rural Affairs 7007: 6406: 5985:"Balfour Beatty sells Salford PFI stake for £22m" 5680:"Alfred McAlpine JV wins £125m hospital contract" 4900: 4274: 4272: 1472:County Durham and Darlington NHS Foundation Trust 1318:to manage the existing PFI contracts in the NHS. 905:Treasury, with a Private Finance Panel headed by 8046: 7700: 7271:"Treasury to ensure taxpayer gains in PFI deals" 7125: 7075: 6945:"Approval granted for groundbreaking PFI buyout" 6512: 6409:"Customs Criticised Over Offshore Property Deal" 6276:"BDP complete £170m Victoria Hospital extension" 5821:"North London PFI hospital gets financial close" 5511:"Clinical and research centre reaches milestone" 4866:. National Audit Office. 12 January 2018. HC 718 4832:Mance, Henry; Parker, George (18 January 2018). 4738:, published October 2013, accessed 26 April 2024 4725:, published October 2013, accessed 26 April 2024 4637:Treanor, Jill; Curtis, Polly (9 December 2010), 4610: 4608: 3894:Zheng, J.; Roehrich, J. K.; Lewis, M.A. (2008). 3574:, formally co-head of Global Project Finance at 2986: 2430:Sandwell and West Birmingham Hospitals NHS Trust 2188:University Hospitals of North Midlands NHS Trust 2013:Oxford University Hospitals NHS Foundation Trust 1881:Riverside Building, University Hospital Lewisham 1780:Oxford University Hospitals NHS Foundation Trust 1434:Calderdale and Huddersfield NHS Foundation Trust 692:, one of the first projects funded using the PFI 7724:. Chartered Institute of Management Accountants 7625:"Warning of 'Spurious' Figures on Value of PFI" 7414:"Performance of PFI: 1996-2010 Lessons Learned" 7031: 6814: 4835:"UK finance watchdog exposes lost PFI billions" 4680: 4678: 4676: 4632: 4630: 4547: 4545: 4543: 4523: 4521: 4372:"Tube Lines shareholders are bought out by TfL" 3555: 2230:Tees, Esk and Wear Valleys NHS Foundation Trust 1143:In an interview in November 2009, Conservative 7943:Infrastructure Investment Facilitation Company 7778: 7101: 7099: 6449:. Project Finance International. 12 March 2013 6029:"Bristol's 'super' hospital open for business" 5431:"Right prescription for Oxford John Radcliffe" 4749:"Priority School Building Programme: overview" 4595:"We can't fool ourselves – PFI is a liability" 4269: 3938: 3936: 3412:Some PFI deals have also been associated with 1934:Sherwood Forest Hospitals NHS Foundation Trust 1826:Elective Care Facility, Addenbrooke's Hospital 1054:in order to secure BSF funding in their area. 7764: 7076:Hellowell, Mark; Pollock, Allyson M. (2007), 6560: 4709:A new approach to public private partnerships 4636: 4605: 4281:NHS Plc: The Privatisation of Our Health Care 1759:Derby Teaching Hospitals NHS Foundation Trust 1292:Ending of PFI for new infrastructure projects 649:PFI is controversial in the UK. In 2003, the 589: 7365: 6105:. Construction Manager Magazine. 2 July 2018 5609:. Modern Building Services. 18 December 2005 4853: 4673: 4627: 4540: 4518: 4424: 3057:North Cumbria University Hospitals NHS Trust 2406:Royal Papworth Hospital NHS Foundation Trust 2150:North Middlesex University Hospital NHS Trus 1635:King's College Hospital NHS Foundation Trust 1626:Golden Jubilee Wing, King's College Hospital 1614:Great Western Hospitals NHS Foundation Trust 1514:King's College Hospital NHS Foundation Trust 1393:North Cumbria University Hospitals NHS Trust 16:United Kingdom government procurement policy 7339: 7286: 7096: 5957: 5955: 4831: 4825: 4779:"Nicola Sturgeon hails £400m hospital fund" 4319: 4049:. Centre for Policy Studies. Archived from 3990:, December 2011, pp. 6-7, cf. HM Treasury, 3933: 3900:Journal of Purchasing and Supply Management 3826:"PFI deals in recession: Singing the blues" 3124:Northumbria Healthcare NHS Foundation Trust 1943:Queen's Centre for Oncology and Haematology 1227:In December, 2012 the Treasury published a 337:Regional Comprehensive Economic Partnership 7771: 7757: 7533:. Health Service Journal. 17 February 2019 7249:. Health Service Journal. 28 February 2019 5652: 5650: 5513:. University of Cambridge. 7 November 2005 4702: 4700: 4639:"Banks charged extra £1bn for PFI schemes" 4044:"Reforming The Private Finance Initiative" 3441:find out more about Mapeley's structure". 2991:In 2017 there were 127 PFI schemes in the 1455:Manchester University NHS Foundation Trust 1245:reduce the role of bank debt in financing; 696:The private finance initiative (PFI) is a 596: 582: 7662: 7292: 7206: 7085:, University of Edinburgh, archived from 7055: 6967:"NHS 'leaking millions' in PFI contracts" 6925:. Health Service Journal. 4 November 2015 5761:. The Construction Index. 7 December 2015 5261:"Building work starts on London hospital" 4803: 4347:. Anti-Academies Campaign. Archived from 3801: 3675:element of the funding which enables the 3505:Association of School and College Leaders 3135:Centre for Health and the Public Interest 2365:Alder Hey Children's NHS Foundation Trust 1593:South Tees Hospitals NHS Foundation Trust 837:Argentina 'restructured' its foreign debt 769: 7550: 7548: 7051: 7049: 7047: 6563:"Audit office slams MoD's PFI nightmare" 6561:Norton-Taylor, Richard (30 March 2010), 6402: 6400: 6323: 6295: 6293: 5952: 5843:"Broomfield Hospital PFI Project Closes" 5134:"PFI Hospitals Hit Services, Says Study" 5057:"£113M Wythenshawe Hospital development" 4135: 4009:Reform of the Private Finance Initiative 3992:Reform of the Private Finance Initiative 3988:Reform of the Private Finance Initiative 3781:Journal of the Royal Society of Medicine 3769: 3767: 3765: 3695:to deliver these services for 25 years. 3541:In 2012, it was reported that dozens of 3382: 3248: 3114: 3016: 2418:Midland Metropolitan University Hospital 1555:Worcestershire Acute Hospitals NHS Trust 1279:A specialist unit was set up within the 1154: 1073:were later taken into public ownership. 993: 684: 638:, PFI is part of the wider programme of 8065:Waste legislation in the United Kingdom 7622: 7554: 7484: 7267: 7229: 7164: 7134: 7016: 6846: 6823: 6724:"Private prisons: Criminal enterprises" 6539:. Ministry of Defence. 12 December 2012 6515:"Carillion awarded military assignment" 5647: 5363: 5361: 5359: 5357: 5355: 5263:. IFM.net. 13 July 2000. Archived from 5132:Timmins, Nicholas (11 September 2007), 5131: 5127: 5125: 4697: 4687:"Treasury struggles to win PFI rebates" 4684: 4570: 4551: 4527: 4449: 4447: 4406: 4402: 4400: 4398: 4396: 4305: 4303: 4278: 4256: 4252: 4250: 4248: 4081: 4077: 4075: 4073: 4071: 3942: 3889: 3887: 3157:are the main players in NHS contracts. 3052:Maidstone and Tunbridge Wells NHS Trust 2889:Local Government – Highway Maintenance 2317:Maidstone and Tunbridge Wells NHS Trust 1405:Norfolk and Norwich University Hospital 1321: 1061:(PPP) schemes for the privatisation of 8047: 7596: 7442: 6903:. Health Service Journal. 26 July 2019 6774: 6639:"Current Projects as at 31 March 2015" 6330:Richard Norton-Taylor (10 June 2003). 5759:"Skanska sells London hospital stakes" 5559:"New Queen Mary's Hospital on the way" 4906: 4685:Timmins, Nicholas (16 February 2011), 4505: 4407:Timmins, Nicholas (24 February 2009), 4369: 3346:Healthcare Safety Investigation Branch 2699:Government Communications Headquarters 2129:North West Anglia NHS Foundation Trust 1955:North West Anglia NHS Foundation Trust 1742:London North West Healthcare NHS Trust 1534:Royal Free London NHS Foundation Trust 884:Shadow Chief Secretary to the Treasury 292:Association of Southeast Asian Nations 7752: 7597:Wilson, by Kate (17 September 2024). 7545: 7478: 7418:Financing Infrastructure series - ACE 7391:"Comment: PFI is dead, long live PFI" 7371: 7295:Public-private partnerships in Canada 7282:from the original on 10 December 2022 7268:Timmins, Nicholas (17 October 2008), 7165:Timmins, Nicholas (17 October 2008), 7069: 7044: 6947:. Health Service Journal. 9 June 2014 6768: 6488:"List of PFIs in the East of England" 6397: 6290: 6057:. Construction News. 11 December 2014 5313:"Sir Robert chases health job losses" 4614: 4592: 4131: 4129: 4101: 4099: 4097: 3762: 3394:Royal Institute of British Architects 2603:Some major projects in other sectors 2171:Mid Essex Hospital Services NHS Trust 873:PFI was implemented in the UK by the 7975:Public-Private Partnership Authority 7727: 7689:The Private Finance Initiative (PFI) 7577: 7502: 7374:"PFI poor value for money, says MPs" 7107:"PFInancing: The art of concealment" 6811:, page 7, accessed on 27 August 2024 5823:. Construction News. 31 October 2007 5352: 5173:"Worcester Bovis takes PFI hospital" 5122: 5059:. New Civil Engineer. 20 August 1998 4571:Monbiot, George (22 November 2010), 4444: 4418: 4393: 4300: 4245: 4082:Monbiot, George (4 September 2007), 4068: 3884: 3698: 3586:(PUK). The Treasury retained a 49% ' 3503:Malcolm Trobe, the President of the 1964:Northern Centre for Cancer Treatment 1809:Royal Manchester Children's Hospital 1316:Department of Health and Social Care 1122:In opposition at the time, even the 964:. Proponents of the PFI include the 952:, elements of the Labour Party, the 793: 7464:"Heads highlight building problems" 7135:Timmins, Nicholas (26 March 2010), 6007:"'Milestone move' for PFI hospital" 5241:. Construction News. 8 January 1998 5239:"Tarmac Start in site for hospital" 4804:Learmonth, Andrew (11 April 2016). 4757:Education and Skills Funding Agency 4455:"Government to 'prop up' PFI deals" 3666: 3634:has said that claims of commercial 2638:(benefit payments at post offices) 2374:Royal Liverpool University Hospital 2138:North Middlesex University Hospital 2067:Queen Elizabeth Hospital Birmingham 1797:East Lancashire Hospitals NHS Trust 1464:University Hospital of North Durham 1269:Education and Skills Funding Agency 1057:In 2003 the Labour Government used 948:, resulting in criticism from many 634:, and expanded considerably by the 332:North American Free Trade Agreement 13: 7557:"Big PFI waste project goes ahead" 7446:What is Wrong with PFI in Schools? 7411: 6795:"Flagship Police HQ Formally Open" 6407:Press Association (14 June 2005), 5369:"PFI Hospitals 'Hit Patient Care'" 5315:. Construction News. 20 April 2006 4259:"The Biggest Weirdest Rip-Off Yet" 4126: 4094: 3966: 3945:"PFI deals 'not doing a good job'" 3748:"Private Finance Initiative (PFI)" 3352: 3182:Dr Jonathan Fielden, chair of the 2929:significantly higher with a PFI." 2672:Department of Trade & Industry 2297:Salford Royal NHS Foundation Trust 1855:Leeds Teaching Hospitals NHS Trust 1768:West Wing, John Radcliffe Hospital 1686:West Middlesex University Hospital 1502:Princess Royal University Hospital 1267:which was launched in 2014 by the 1265:Priority School Building Programme 960:, as well as commentators such as 730:A public sector authority signs a 521:Criticism of intellectual property 297:Bank for International Settlements 14: 8091: 7887:Global Public-private partnership 7687:House of Commons Library (2001), 7681: 7137:"PFI project costs exceed £200bn" 6702:"Conclusions and recommendations" 6513:Stocks, Caroline (31 July 2006). 5433:. Growth Business. 22 August 2008 5175:. Construction News. 1 April 1999 4593:Dixon, Peter (13 November 2009). 4554:"Fears over £65bn 'NHS mortgage'" 4528:Sparrow, Andrew (18 April 2011). 4506:Hutton, Will (15 November 2009). 4479: 4138:"ICL stumbles on Pathway to hell" 4136:Harrison, Michael (10 May 1999). 3943:Pickard, Jim (2 September 2008), 3872:. parliament.uk. 2 September 2011 3453:has accused the government's PFI 3141: 3072:South London Healthcare NHS Trust 2714:Ministry of Defence Main Building 2268:Mid Yorkshire Hospitals NHS Trust 1864:Queen Mary's Hospital, Roehampton 1789:Royal Blackburn Teaching Hospital 1677:Dudley Group NHS Foundation Trust 1303:In October 2018, the Chancellor, 1041: 974:Confederation of British Industry 8060:Government of the United Kingdom 7634: 7616: 7590: 7571: 7523: 7496: 7456: 7436: 7405: 7383: 7372:Tyrie, Andrew (19 August 2011), 7348: 7333: 7319: 7297:. Halifax: Fernwood Publishing. 7261: 7239: 7223: 7176: 7158: 7025: 6985: 6959: 6937: 6915: 6893: 6867: 6840: 6824:Appleby, John (6 October 2017). 6801: 6742: 6716: 6694: 6672: 6653: 6631: 6605: 6579: 6529: 6506: 6480: 6461: 6439: 6419: 6379:"Lend Lease - Commercial Office" 6371: 6349: 6268: 6242: 6220: 6195: 6169: 6143: 5704:. House of Commons. 20 June 2006 5037:. Halifax Courier. 2 August 2001 4989:"Cumberland Infirmary, Carlisle" 4615:Evans, Lisa (19 November 2010), 4552:Triggle, Nick (13 August 2010). 4257:Monbiot, George (7 April 2009), 3524:With regard to hospitals, Prof. 3499:important implications for them. 3463:Future Strategic Tanker Aircraft 3047:Dartford and Gravesham NHS Trust 2853:Future Strategic Tanker Aircraft 1889:Lewisham and Greenwich NHS Trust 1843:St James's Institute of Oncology 1493:Lewisham and Greenwich NHS Trust 1372:Dartford and Gravesham NHS Trust 1132:Secretary of State for Transport 984:recalls a meeting with the then 673:In October 2018, the Chancellor 563: 551: 539: 274:Economic liberalization in India 7485:Sheeran, Robin (21 June 2007), 6750:"Defence spending: Under PFIre" 6468:"Colchester Regeneration Plans" 6447:"Skynet 5 takes PFI into space" 6117: 6095: 6069: 6047: 6021: 5999: 5977: 5930: 5908: 5882: 5857: 5835: 5813: 5791: 5773: 5751: 5739: 5716: 5694: 5672: 5621: 5599: 5577: 5551: 5525: 5503: 5471: 5445: 5423: 5401: 5379: 5327: 5305: 5279: 5253: 5231: 5209: 5187: 5165: 5143: 5097: 5071: 5049: 5027: 5003: 4981: 4960:. National Audit Office. 1999. 4948: 4926: 4907:Davies, Rob (29 October 2018). 4878: 4797: 4771: 4741: 4728: 4715: 4656: 4564: 4499: 4473: 4363: 4337: 4213: 4187: 4155: 4036: 4014: 4001: 3706:, former deputy general of the 2954:to gain many useful resources " 2180:Royal Stoke University Hospital 1985:Great North Children's Hospital 1107:Secretary of State for Business 1091:Chief Secretary to the Treasury 1048:Building Schools for the Future 810:. Since the crisis, funding by 704:investment in order to deliver 163:Structural Adjustment Programme 6847:Jameson, Angela (9 May 2011). 6775:Hencke, David (17 June 2005), 6613:"PFI contracts: the full list" 6252:. laingorourke. Archived from 5918:. Northern Echo. 19 April 2018 5479:"Central Manchester Hospitals" 5219:. The Journal. 9 December 2003 4888:. HM Treasury. 29 October 2018 3980: 3862: 3844: 3818: 3740: 3444: 3086:for the much larger scheme at 2034:Portsmouth Hospitals NHS Trust 1581:James Cook University Hospital 946:NHS (Private Finance) Act 1997 868: 657:". In 2011, the parliamentary 1: 8055:Economy of the United Kingdom 8034:European PPP Expertise Centre 7999:Office of Global Partnerships 7393:. Politics.co.uk. 23 May 2012 6278:. Urban Realm. 24 August 2012 5563:Richmond and Twickenham Times 5409:"Huge PFI hospital for Derby" 4370:Wright, Robert (8 May 2010), 4345:"Opposing the Academies Bill" 3734: 3689:South Gloucestershire Council 3580:Office of Government Commerce 3482: 3330:Following an incident in the 3160: 2987:National Health Service (NHS) 2645:Department of Social Security 2542:NHS Greater Glasgow and Clyde 2511:University Hospital Hairmyres 2353:Alder Hey Children's Hospital 1543:Worcestershire Royal Hospital 1296:A January 2018 report by the 1083:Secretary of State for Health 800:financial crisis of 2007–2010 8004:Global Development Alliances 7555:Timmins, N. (9 April 2009), 6477:, accessed 23 December 2010. 5987:. Insider Media. 1 July 2013 5682:. Building. 19 December 2005 4168:. World Bank. Archived from 3912:10.1016/j.pursup.2008.01.004 3722:In a paper published in the 3556:Relationship with government 3332:Royal Infirmary of Edinburgh 3298:National Physical Laboratory 3264:PFI contracts are generally 3119:Demonstration, November 2006 3021:University Hospital Coventry 3011:University Hospital Coventry 2977: 2660:National Physical Laboratory 2473:Royal Infirmary of Edinburgh 2209:Walsall Healthcare NHS Trust 1710:University Hospital Coventry 850: 725: 720: 317:Greater Arab Free Trade Area 259:Positive non-interventionism 7: 7809:Multistakeholder governance 7741:Private Eye: Special Report 7623:Timmins, N. (5 June 2002), 7503:Hern, Alex (26 June 2012). 7293:Whiteside, Heather (2016). 6662:PFI - Meeting The Challenge 5938:"Tameside General Hospital" 4936:. Lexology. 5 November 2018 4617:"The Datablog Guide to PFI" 4425:Omonira-Oyekanmi, Rebecca. 3726:, a team consisting of two 3661:National Assembly for Wales 3625: 3560: 3184:British Medical Association 3155:HICL Infrastructure Company 3007:British Medical Association 2908: 2554:Forth Valley Royal Hospital 1644:University College Hospital 1274: 1257:minority equity co-investor 1149:Chancellor of the Exchequer 986:Chancellor of the Exchequer 895:Chancellor of the Exchequer 680: 625:public–private partnerships 322:International Monetary Fund 10: 8096: 8075:Public–private partnership 7799:Public-private partnership 7780:Public-private partnership 6680:"Private Finance Projects" 5845:. Operis. 17 December 2007 5195:"Hereford PFI deal closed" 4120:10.1332/030557307781571678 3612:London School of Economics 3128:Northumbria County Council 3028:strategic health authority 2490:University Hospital Wishaw 2117:Peterborough City Hospital 2112: 1730:Central Middlesex Hospital 1059:public-private partnership 863: 623:policy aimed at creating " 610:private finance initiative 143:Public–private partnership 7989: 7933: 7895: 7862: 7786: 7714:, University of Edinburgh 7578:Webb, Tim (10 May 2009), 7199:10.1136/bmj.324.7347.1205 7065:, University of Edinburgh 5801:. Building. 11 March 2005 5587:. Nestor. 1 December 2006 5389:. UKIHMA. 31 October 2007 5197:. Building. 23 April 1999 5151:"Barnet General Hospital" 4721:Local Government Lawyer, 4279:Pollock, Allyson (2005), 3712:Auditor General for Wales 3648:Public Accounts Committee 3619:Public Accounts Committee 3476:Public Accounts Committee 3418:Public Accounts Committee 3241:health think-tank, said: 3237:, chief economist at the 3077:Peter Dixon, Chairman of 2960:aerial refuelling service 2950:PFI projects allowed the 2903: 2837:Project Allenby Connaught 2808: 2790: 2726: 2500: 2468: 2348: 2266: 2239:Tameside General Hospital 2091: 2084:St Bartholomew's Hospital 2041: 1974: 1917: 1804: 1725: 1660: 1621: 1521: 1422:Calderdale Royal Hospital 1400: 1355: 738:, technically known as a 659:Treasury Select Committee 88:Foreign direct investment 8029:European Investment Bank 7655:10.1136/bmj.319.7202.116 7056:Hellowell, Mark (2007), 6704:. House of Commons. 2011 5865:"Self Assessment Report" 5035:"Shock cost of hospital" 4712:, accessed 26 April 2024 4409:"Projects Seek Partners" 3951:, London, archived from 3794:10.1258/jrsm.2009.090296 3521:for an unused facility. 3511: 3210:. That has not happened. 3032:Queen Elizabeth Hospital 2962:, amongst other things. 2309:Tunbridge Wells Hospital 2022:Queen Alexandra Hospital 1564:Hereford County Hospital 1481:Queen Elizabeth Hospital 1134:in the coalition, said: 506:Authoritarian capitalism 347:World Trade Organization 78:Economic interdependence 8080:Economics of regulation 7691:, Research Paper 01/117 7643:British Medical Journal 7186:British Medical Journal 6682:. National Audit Office 6357:"Defence Accommodation" 6009:. BBC. 19 December 2006 5870:. Staffordshire Council 5411:. BBC. 3 September 2003 5340:. National Audit Office 4024:. The Health Foundation 3856:www.publicfinance.co.uk 3724:British Medical Journal 3530:Imperial College London 3323:British Medical Journal 3287: 3214: 2394:Royal Papworth Hospital 2341:North Bristol NHS Trust 2218:Roseberry Park Hospital 1172:University of Edinburgh 1078:global financial crisis 1036:Labour Party Conference 954:Scottish National Party 740:special-purpose vehicle 516:Criticism of capitalism 83:Economic liberalization 7981:Scottish Futures Trust 7970:Infrastructure Ontario 7877:Build-operate-transfer 7718:Jane Broadbent, 2004. 6312:, 2006, archived from 6155:Edinburgh Architecture 3539: 3501: 3422:HM Revenue and Customs 3407: 3388: 3381: 3342: 3328: 3254: 3247: 3212: 3180: 3120: 3105:the end of the deal". 3098: 3022: 2945: 2921:A later report by the 2885:Sheffield City Council 2822:Northwood Headquarters 2687:GCHQ New Accommodation 2289:Salford Royal Hospital 2197:Walsall Manor Hospital 2093:Barts Health NHS Trust 1665:Russells Hall Hospital 1602:Great Western Hospital 1360:Darent Valley Hospital 1222: 1185: 1167: 1160: 1141: 1120: 999: 770:Structure of providers 734:with a private sector 693: 671: 621:government procurement 7992:institutional support 6826:"Making sense of PFI" 6433:National Audit Office 6310:National Audit Office 6208:. Scottish Government 5153:. Hospital Management 4427:"Root of the Problem" 4226:. CBI. Archived from 4108:Policy & Politics 4011:, December 2011, p 12 3708:National Audit Office 3640:National Audit Office 3630:The House of Commons 3617:The House of Commons 3534: 3493: 3451:National Audit Office 3386: 3376: 3359:National Audit Office 3344:In February 2019 the 3337: 3318: 3252: 3243: 3199: 3176: 3118: 3090:in a few years' time. 3088:Bart's and the London 3083: 3020: 2940: 2923:National Audit Office 2256:Pinderfields Hospital 2102:Royal London Hospital 1298:National Audit Office 1176: 1162: 1158: 1136: 1115: 1026:Trade unions such as 997: 688: 663: 651:National Audit Office 546:Capitalism portal 526:Market fundamentalism 302:European Central Bank 133:Mundell–Fleming model 113:Intellectual property 8070:Monopoly (economics) 7925:Transition economies 7487:"Buy Now, Pay Later" 6473:17 July 2011 at the 6256:on 29 September 2011 6230:. Architects Journal 5660:. BBC. 28 April 2005 5457:Lancashire Telegraph 4706:HM Treasury (2012), 3608:Greater London Group 3370:. An article in the 3168:Department of Health 2839:(various garrisons) 2738:HM Treasury Building 1922:King's Mill Hospital 1751:Royal Derby Hospital 1572:Wye Valley NHS Trust 1443:Wythenshawe Hospital 1381:Cumberland Infirmary 1322:Examples of projects 1205:2010 Spending Review 1180:coalition government 1017:Prudential Insurance 690:Cumberland Infirmary 558:Economics portal 380:Adam Smith Institute 375:World Economic Forum 365:Mont Pelerin Society 73:Economic integration 7951:(England and Wales) 7882:Social impact bonds 7703:Pollock, Allyson M. 7629:The Financial Times 7561:The Financial Times 7360:Architects' Journal 7193:(7347): 1205–1209, 6797:. BBC. 28 May 2008. 6428:PFI: The STEPS Deal 6319:on 29 November 2007 6157:. 27 September 2010 6083:. 17 September 2013 5537:Law Society Gazette 5491:on 15 February 2012 4376:The Financial Times 4221:"Position Document" 3657:Scottish Parliament 3459:Ministry of Defence 3457:of ruining a £10bn 2952:Ministry of Defence 2802:Colchester Garrison 2787:Ministry of Defence 2727:Central Government 2723:Ministry of Defence 2676:Central Government 2649:Central Government 2604: 2444: 2277:Pontefract Hospital 2159:Broomfield Hospital 1989:Newcastle upon Tyne 1968:Newcastle upon Tyne 1331: 1209:planning permission 570:Politics portal 501:Alter-globalization 234:Fiscal conservatism 7949:Local Partnerships 7511:. NewStatesman.com 7466:. BBC. 11 May 2007 5484:Anshen & Allen 5459:. 14 November 2011 5293:on 24 January 2007 5023:on 3 October 2008. 4333:on 12 August 2007. 4233:on 3 November 2010 3976:. Partnerships UK. 3750:. Investopedia.com 3684:, to the company. 3644:British Parliament 3606:, Director of the 3592:investment bankers 3389: 3255: 3121: 3110:Retail Price Index 3023: 2759:The STEPS Contract 2602: 2442: 2329:Southmead Hospital 2001:Churchill Hospital 1329: 1161: 1124:Conservative Party 1063:London Underground 1000: 700:method which uses 694: 496:Anti-globalization 8042: 8041: 7839:Off-balance sheet 7701:Hellowell, Mark; 7340:Farshid Rahmani. 7304:978-1-55266-896-2 6494:on 9 October 2011 5896:. 24 October 2012 5748:BBC, 16 June 2010 5702:"Written answers" 5635:. 31 January 2005 5539:. 29 October 2004 4785:. 2 November 2014 4759:. 6 December 2016 3714:is quoted in the 3699:Appraisal process 3632:Liaison Committee 3266:off-balance-sheet 3257:Officials at the 3172:NHS Confederation 2967:Seacroft Hospital 2895: 2894: 2597: 2596: 2578:Victoria Hospital 2530:Stobhill Hospital 2515:South Lanarkshire 2494:North Lanarkshire 2437: 2436: 1178:The truth is the 1103:Liberal Democrats 936:took office, the 928:Two months after 879:Maastricht Treaty 794:Method of funding 655:off-balance-sheet 606: 605: 448:Yasuhiro Nakasone 438:Margaret Thatcher 428:James M. Buchanan 58:Denationalization 8087: 8014:Concordia Summit 7773: 7766: 7759: 7750: 7749: 7745: 7737: 7715: 7713: 7676: 7675: 7666: 7638: 7632: 7631: 7620: 7614: 7613: 7611: 7609: 7594: 7588: 7587: 7575: 7569: 7568: 7567:on 9 August 2011 7563:, archived from 7552: 7543: 7542: 7540: 7538: 7527: 7521: 7520: 7518: 7516: 7500: 7494: 7493: 7482: 7476: 7475: 7473: 7471: 7460: 7454: 7453: 7451: 7440: 7434: 7433: 7431: 7429: 7412:Graham, Pontin. 7409: 7403: 7402: 7400: 7398: 7387: 7381: 7380: 7369: 7363: 7352: 7346: 7345: 7337: 7331: 7330: 7323: 7317: 7316: 7290: 7284: 7283: 7273: 7265: 7259: 7258: 7256: 7254: 7243: 7237: 7236: 7227: 7221: 7220: 7210: 7180: 7174: 7173: 7162: 7156: 7155: 7154: 7152: 7143:, archived from 7132: 7123: 7122: 7120: 7118: 7103: 7094: 7093: 7091: 7084: 7073: 7067: 7066: 7064: 7053: 7042: 7041: 7029: 7023: 7022: 7014: 7005: 7004: 7002: 7000: 6989: 6983: 6982: 6980: 6978: 6973:. 30 August 2017 6963: 6957: 6956: 6954: 6952: 6941: 6935: 6934: 6932: 6930: 6919: 6913: 6912: 6910: 6908: 6897: 6891: 6890: 6888: 6886: 6881:. 28 August 2012 6871: 6865: 6864: 6862: 6860: 6844: 6838: 6837: 6835: 6833: 6828:. Nuffield Trust 6821: 6812: 6805: 6799: 6798: 6791: 6785: 6784: 6772: 6766: 6765: 6763: 6761: 6746: 6740: 6739: 6737: 6735: 6720: 6714: 6713: 6711: 6709: 6698: 6692: 6691: 6689: 6687: 6676: 6670: 6669: 6657: 6651: 6650: 6648: 6646: 6635: 6629: 6628: 6626: 6624: 6609: 6603: 6602: 6600: 6598: 6583: 6577: 6576: 6575: 6573: 6558: 6549: 6548: 6546: 6544: 6533: 6527: 6526: 6524: 6522: 6510: 6504: 6503: 6501: 6499: 6490:. Archived from 6484: 6478: 6465: 6459: 6458: 6456: 6454: 6443: 6437: 6436: 6423: 6417: 6416: 6404: 6395: 6394: 6392: 6390: 6381:. Archived from 6375: 6369: 6368: 6366: 6364: 6353: 6347: 6346: 6344: 6342: 6327: 6321: 6320: 6318: 6307: 6297: 6288: 6287: 6285: 6283: 6272: 6266: 6265: 6263: 6261: 6246: 6240: 6239: 6237: 6235: 6224: 6218: 6217: 6215: 6213: 6207: 6199: 6193: 6192: 6190: 6188: 6173: 6167: 6166: 6164: 6162: 6147: 6141: 6140: 6138: 6136: 6129:Express and Star 6121: 6115: 6114: 6112: 6110: 6099: 6093: 6092: 6090: 6088: 6073: 6067: 6066: 6064: 6062: 6051: 6045: 6044: 6042: 6040: 6035:. 22 August 2012 6025: 6019: 6018: 6016: 6014: 6003: 5997: 5996: 5994: 5992: 5981: 5975: 5974: 5972: 5970: 5959: 5950: 5949: 5947: 5945: 5934: 5928: 5927: 5925: 5923: 5912: 5906: 5905: 5903: 5901: 5886: 5880: 5879: 5877: 5875: 5869: 5861: 5855: 5854: 5852: 5850: 5839: 5833: 5832: 5830: 5828: 5817: 5811: 5810: 5808: 5806: 5795: 5789: 5788: 5777: 5771: 5770: 5768: 5766: 5755: 5749: 5743: 5737: 5736: 5735: 5733: 5725:Whiston Hospital 5720: 5714: 5713: 5711: 5709: 5698: 5692: 5691: 5689: 5687: 5676: 5670: 5669: 5667: 5665: 5654: 5645: 5644: 5642: 5640: 5625: 5619: 5618: 5616: 5614: 5603: 5597: 5596: 5594: 5592: 5581: 5575: 5574: 5572: 5570: 5555: 5549: 5548: 5546: 5544: 5529: 5523: 5522: 5520: 5518: 5507: 5501: 5500: 5498: 5496: 5487:. Archived from 5475: 5469: 5468: 5466: 5464: 5449: 5443: 5442: 5440: 5438: 5427: 5421: 5420: 5418: 5416: 5405: 5399: 5398: 5396: 5394: 5383: 5377: 5376: 5365: 5350: 5349: 5347: 5345: 5339: 5331: 5325: 5324: 5322: 5320: 5309: 5303: 5302: 5300: 5298: 5283: 5277: 5276: 5274: 5272: 5267:on 22 April 2018 5257: 5251: 5250: 5248: 5246: 5235: 5229: 5228: 5226: 5224: 5213: 5207: 5206: 5204: 5202: 5191: 5185: 5184: 5182: 5180: 5169: 5163: 5162: 5160: 5158: 5147: 5141: 5140: 5129: 5120: 5119: 5117: 5115: 5109: 5101: 5095: 5094: 5092: 5090: 5075: 5069: 5068: 5066: 5064: 5053: 5047: 5046: 5044: 5042: 5031: 5025: 5024: 5022: 5016:. Archived from 5015: 5007: 5001: 5000: 4998: 4996: 4985: 4979: 4978: 4976: 4974: 4952: 4946: 4945: 4943: 4941: 4930: 4924: 4923: 4921: 4919: 4904: 4898: 4897: 4895: 4893: 4882: 4876: 4875: 4873: 4871: 4865: 4857: 4851: 4850: 4848: 4846: 4837: 4829: 4823: 4822: 4820: 4818: 4801: 4795: 4794: 4792: 4790: 4775: 4769: 4768: 4766: 4764: 4745: 4739: 4732: 4726: 4719: 4713: 4704: 4695: 4694: 4682: 4671: 4660: 4654: 4653: 4652: 4650: 4634: 4625: 4624: 4612: 4603: 4602: 4590: 4581: 4580: 4568: 4562: 4561: 4549: 4538: 4537: 4525: 4516: 4515: 4503: 4497: 4496: 4494: 4492: 4477: 4471: 4470: 4468: 4466: 4451: 4442: 4441: 4439: 4437: 4422: 4416: 4415: 4404: 4391: 4390: 4389: 4387: 4378:, archived from 4367: 4361: 4360: 4358: 4356: 4341: 4335: 4334: 4329:. Archived from 4323: 4317: 4307: 4298: 4297: 4276: 4267: 4266: 4254: 4243: 4242: 4240: 4238: 4232: 4225: 4217: 4211: 4210: 4208: 4206: 4197:. Archived from 4191: 4185: 4184: 4182: 4180: 4174: 4167: 4159: 4153: 4152: 4150: 4148: 4133: 4124: 4123: 4103: 4092: 4091: 4079: 4066: 4065: 4063: 4061: 4056:on 28 April 2020 4055: 4048: 4040: 4034: 4033: 4031: 4029: 4018: 4012: 4005: 3999: 3984: 3978: 3977: 3970: 3964: 3963: 3962: 3960: 3940: 3931: 3930: 3928: 3926: 3891: 3882: 3881: 3879: 3877: 3866: 3860: 3859: 3848: 3842: 3841: 3839: 3837: 3822: 3816: 3815: 3805: 3771: 3760: 3759: 3757: 3755: 3744: 3667:Local government 3316:private sector: 3133:A report by the 3096: 3003:Jonathan Fielden 2605: 2601: 2566:NHS Forth Valley 2445: 2441: 2046:Whiston Hospital 1898:Queen's Hospital 1332: 1328: 1216:Queen's Hospital 1021:British Land plc 1019:and chairman of 938:Health Secretary 899:Alistair Darling 831:. Indeed, under 636:Blair government 598: 591: 584: 568: 567: 556: 555: 544: 543: 468:Alberto Fujimori 463:Hernando de Soto 433:Augusto Pinochet 408:Ludwig von Mises 168:Supranationalism 68:Economic freedom 21: 20: 8095: 8094: 8090: 8089: 8088: 8086: 8085: 8084: 8045: 8044: 8043: 8038: 7991: 7985: 7960:Partnerships UK 7955:Partnerships BC 7929: 7891: 7858: 7834:Venture capital 7782: 7777: 7744:, no. 1102 7735: 7711: 7684: 7679: 7649:(7202): 116–9, 7639: 7635: 7621: 7617: 7607: 7605: 7595: 7591: 7576: 7572: 7553: 7546: 7536: 7534: 7529: 7528: 7524: 7514: 7512: 7501: 7497: 7483: 7479: 7469: 7467: 7462: 7461: 7457: 7449: 7443:Unison (2003), 7441: 7437: 7427: 7425: 7410: 7406: 7396: 7394: 7389: 7388: 7384: 7370: 7366: 7353: 7349: 7338: 7334: 7329:. 29 July 2011. 7325: 7324: 7320: 7305: 7291: 7287: 7276:Financial Times 7266: 7262: 7252: 7250: 7245: 7244: 7240: 7228: 7224: 7181: 7177: 7171:Financial Times 7163: 7159: 7150: 7148: 7141:Financial Times 7133: 7126: 7116: 7114: 7105: 7104: 7097: 7089: 7082: 7074: 7070: 7062: 7054: 7045: 7030: 7026: 7019:Financial Times 7015: 7008: 6998: 6996: 6991: 6990: 6986: 6976: 6974: 6965: 6964: 6960: 6950: 6948: 6943: 6942: 6938: 6928: 6926: 6921: 6920: 6916: 6906: 6904: 6899: 6898: 6894: 6884: 6882: 6873: 6872: 6868: 6858: 6856: 6845: 6841: 6831: 6829: 6822: 6815: 6806: 6802: 6793: 6792: 6788: 6773: 6769: 6759: 6757: 6748: 6747: 6743: 6733: 6731: 6722: 6721: 6717: 6707: 6705: 6700: 6699: 6695: 6685: 6683: 6678: 6677: 6673: 6659: 6658: 6654: 6644: 6642: 6637: 6636: 6632: 6622: 6620: 6611: 6610: 6606: 6596: 6594: 6585: 6584: 6580: 6571: 6569: 6559: 6552: 6542: 6540: 6535: 6534: 6530: 6520: 6518: 6511: 6507: 6497: 6495: 6486: 6485: 6481: 6475:Wayback Machine 6466: 6462: 6452: 6450: 6445: 6444: 6440: 6425: 6424: 6420: 6405: 6398: 6388: 6386: 6377: 6376: 6372: 6362: 6360: 6355: 6354: 6350: 6340: 6338: 6328: 6324: 6316: 6305: 6299: 6298: 6291: 6281: 6279: 6274: 6273: 6269: 6259: 6257: 6248: 6247: 6243: 6233: 6231: 6226: 6225: 6221: 6211: 6209: 6205: 6201: 6200: 6196: 6186: 6184: 6175: 6174: 6170: 6160: 6158: 6149: 6148: 6144: 6134: 6132: 6123: 6122: 6118: 6108: 6106: 6101: 6100: 6096: 6086: 6084: 6075: 6074: 6070: 6060: 6058: 6053: 6052: 6048: 6038: 6036: 6027: 6026: 6022: 6012: 6010: 6005: 6004: 6000: 5990: 5988: 5983: 5982: 5978: 5968: 5966: 5961: 5960: 5953: 5943: 5941: 5936: 5935: 5931: 5921: 5919: 5914: 5913: 5909: 5899: 5897: 5894:Birmingham Mail 5888: 5887: 5883: 5873: 5871: 5867: 5863: 5862: 5858: 5848: 5846: 5841: 5840: 5836: 5826: 5824: 5819: 5818: 5814: 5804: 5802: 5797: 5796: 5792: 5787:. 1 March 2012. 5779: 5778: 5774: 5764: 5762: 5757: 5756: 5752: 5744: 5740: 5731: 5729: 5722: 5721: 5717: 5707: 5705: 5700: 5699: 5695: 5685: 5683: 5678: 5677: 5673: 5663: 5661: 5656: 5655: 5648: 5638: 5636: 5627: 5626: 5622: 5612: 5610: 5605: 5604: 5600: 5590: 5588: 5583: 5582: 5578: 5568: 5566: 5557: 5556: 5552: 5542: 5540: 5531: 5530: 5526: 5516: 5514: 5509: 5508: 5504: 5494: 5492: 5477: 5476: 5472: 5462: 5460: 5451: 5450: 5446: 5436: 5434: 5429: 5428: 5424: 5414: 5412: 5407: 5406: 5402: 5392: 5390: 5385: 5384: 5380: 5367: 5366: 5353: 5343: 5341: 5337: 5333: 5332: 5328: 5318: 5316: 5311: 5310: 5306: 5296: 5294: 5285: 5284: 5280: 5270: 5268: 5259: 5258: 5254: 5244: 5242: 5237: 5236: 5232: 5222: 5220: 5215: 5214: 5210: 5200: 5198: 5193: 5192: 5188: 5178: 5176: 5171: 5170: 5166: 5156: 5154: 5149: 5148: 5144: 5138:Financial Times 5130: 5123: 5113: 5111: 5107: 5103: 5102: 5098: 5088: 5086: 5077: 5076: 5072: 5062: 5060: 5055: 5054: 5050: 5040: 5038: 5033: 5032: 5028: 5020: 5013: 5009: 5008: 5004: 4994: 4992: 4991:. Visit Cumbria 4987: 4986: 4982: 4972: 4970: 4968: 4954: 4953: 4949: 4939: 4937: 4932: 4931: 4927: 4917: 4915: 4905: 4901: 4891: 4889: 4884: 4883: 4879: 4869: 4867: 4863: 4859: 4858: 4854: 4844: 4842: 4840:Financial Times 4830: 4826: 4816: 4814: 4802: 4798: 4788: 4786: 4777: 4776: 4772: 4762: 4760: 4747: 4746: 4742: 4733: 4729: 4720: 4716: 4705: 4698: 4691:Financial Times 4683: 4674: 4668:letsrecycle.com 4661: 4657: 4648: 4646: 4635: 4628: 4613: 4606: 4591: 4584: 4569: 4565: 4550: 4541: 4526: 4519: 4504: 4500: 4490: 4488: 4480:Petry, Andrew. 4478: 4474: 4464: 4462: 4453: 4452: 4445: 4435: 4433: 4423: 4419: 4413:Financial Times 4405: 4394: 4385: 4383: 4368: 4364: 4354: 4352: 4351:on 11 July 2010 4343: 4342: 4338: 4325: 4324: 4320: 4308: 4301: 4295: 4277: 4270: 4255: 4246: 4236: 4234: 4230: 4223: 4219: 4218: 4214: 4204: 4202: 4193: 4192: 4188: 4178: 4176: 4175:on 8 March 2014 4172: 4165: 4161: 4160: 4156: 4146: 4144: 4142:The Independent 4134: 4127: 4104: 4095: 4080: 4069: 4059: 4057: 4053: 4046: 4042: 4041: 4037: 4027: 4025: 4020: 4019: 4015: 4006: 4002: 3985: 3981: 3972: 3971: 3967: 3958: 3956: 3949:Financial Times 3941: 3934: 3924: 3922: 3892: 3885: 3875: 3873: 3868: 3867: 3863: 3850: 3849: 3845: 3835: 3833: 3824: 3823: 3819: 3772: 3763: 3753: 3751: 3746: 3745: 3741: 3737: 3716:Financial Times 3701: 3677:local authority 3669: 3636:confidentiality 3628: 3584:Partnerships UK 3576:investment bank 3572:Adrian Montague 3563: 3558: 3514: 3485: 3447: 3428:, based in the 3410: 3387:The Skye Bridge 3372:Financial Times 3364:Companies House 3355: 3353:Value for money 3294:risk management 3290: 3217: 3163: 3144: 3097: 3094: 3005:, chair of the 2989: 2980: 2956:on a shoestring 2911: 2906: 2861:Royal Air Force 2617: 2609: 2502:NHS Lanarkshire 2457: 2449: 1526:Barnet Hospital 1344: 1336: 1324: 1294: 1285:Nicola Sturgeon 1281:Scottish Office 1277: 1225: 1147:, subsequently 1130:, subsequently 1105:, subsequently 1044: 1008:Arthur Andersen 982:Allyson Pollock 956:(SNP), and the 907:Alastair Morton 871: 866: 853: 796: 780:holding company 772: 728: 723: 683: 602: 562: 550: 538: 531: 530: 491:Anti-capitalism 486: 478: 477: 423:Milton Friedman 413:Walter Lippmann 403:Friedrich Hayek 398: 390: 389: 360: 352: 351: 312:Federal Reserve 287: 279: 278: 229: 221: 220: 191:Austrian School 186: 178: 177: 148:School vouchers 53:Balanced budget 43: 26:politics series 17: 12: 11: 5: 8093: 8083: 8082: 8077: 8072: 8067: 8062: 8057: 8040: 8039: 8037: 8036: 8031: 8026: 8021: 8016: 8011: 8006: 8001: 7995: 7993: 7990:International 7987: 7986: 7984: 7983: 7978: 7972: 7967: 7962: 7957: 7952: 7946: 7939: 7937: 7931: 7930: 7928: 7927: 7922: 7917: 7915:United Kingdom 7912: 7907: 7901: 7899: 7893: 7892: 7890: 7889: 7884: 7879: 7874: 7868: 7866: 7860: 7859: 7857: 7856: 7851: 7846: 7841: 7836: 7831: 7826: 7824:Social Finance 7821: 7816: 7814:Private equity 7811: 7806: 7801: 7796: 7790: 7788: 7784: 7783: 7776: 7775: 7768: 7761: 7753: 7747: 7746: 7731:(March 2004), 7725: 7716: 7698: 7692: 7683: 7682:External links 7680: 7678: 7677: 7633: 7615: 7589: 7570: 7544: 7522: 7495: 7477: 7455: 7435: 7424:on 11 May 2015 7404: 7382: 7364: 7347: 7332: 7318: 7303: 7285: 7260: 7238: 7222: 7175: 7157: 7124: 7095: 7068: 7043: 7024: 7006: 6984: 6958: 6936: 6914: 6892: 6866: 6839: 6813: 6800: 6786: 6767: 6741: 6715: 6693: 6671: 6652: 6630: 6604: 6593:. 27 July 2017 6591:Yorkshire Post 6578: 6550: 6528: 6505: 6479: 6460: 6438: 6418: 6396: 6385:on 19 May 2014 6370: 6348: 6322: 6289: 6267: 6241: 6219: 6194: 6168: 6142: 6131:. 15 July 2014 6116: 6094: 6068: 6046: 6020: 5998: 5976: 5951: 5929: 5907: 5881: 5856: 5834: 5812: 5790: 5772: 5750: 5738: 5715: 5693: 5671: 5646: 5620: 5598: 5576: 5550: 5524: 5502: 5470: 5444: 5422: 5400: 5378: 5375:, 12 June 2007 5351: 5326: 5304: 5278: 5252: 5230: 5208: 5186: 5164: 5142: 5121: 5096: 5085:. 23 July 2001 5070: 5048: 5026: 5002: 4980: 4966: 4947: 4925: 4899: 4877: 4852: 4824: 4796: 4770: 4740: 4727: 4714: 4696: 4672: 4655: 4626: 4604: 4582: 4563: 4539: 4517: 4498: 4472: 4461:. 3 March 2009 4443: 4417: 4392: 4382:on 26 May 2010 4362: 4336: 4318: 4316:, 2008 version 4299: 4293: 4268: 4244: 4212: 4201:on 19 May 2009 4186: 4154: 4125: 4114:(3): 479–495. 4093: 4067: 4035: 4013: 4000: 3979: 3965: 3932: 3883: 3861: 3843: 3817: 3761: 3738: 3736: 3733: 3700: 3697: 3668: 3665: 3627: 3624: 3562: 3559: 3557: 3554: 3526:Nick Bosanquet 3513: 3510: 3484: 3481: 3446: 3443: 3409: 3406: 3354: 3351: 3289: 3286: 3216: 3213: 3174:, noted that: 3162: 3159: 3143: 3142:Private sector 3140: 3092: 3075: 3074: 3069: 3064: 3059: 3054: 3049: 3044: 2988: 2985: 2979: 2976: 2938:reports that: 2932:An article in 2910: 2907: 2905: 2902: 2893: 2892: 2890: 2887: 2882: 2879: 2870: 2866: 2865: 2863: 2858: 2855: 2850: 2846: 2845: 2843: 2840: 2834: 2830: 2829: 2827: 2824: 2819: 2815: 2814: 2812: 2807: 2804: 2799: 2795: 2794: 2792: 2789: 2784: 2781: 2776: 2772: 2771: 2769: 2767:Inland Revenue 2764: 2761: 2756: 2752: 2751: 2749: 2744: 2741: 2735: 2731: 2730: 2728: 2725: 2720: 2717: 2711: 2707: 2706: 2704: 2701: 2696: 2693: 2684: 2680: 2679: 2677: 2674: 2669: 2666: 2657: 2653: 2652: 2650: 2647: 2642: 2639: 2633: 2629: 2628: 2625: 2622: 2619: 2614: 2611: 2595: 2594: 2592: 2587: 2584: 2575: 2571: 2570: 2568: 2563: 2560: 2551: 2547: 2546: 2544: 2539: 2536: 2527: 2523: 2522: 2520: 2517: 2507: 2506: 2504: 2499: 2496: 2486: 2485: 2483: 2478: 2475: 2470: 2466: 2465: 2462: 2459: 2454: 2451: 2435: 2434: 2432: 2427: 2424: 2415: 2411: 2410: 2408: 2403: 2400: 2398:Cambridgeshire 2391: 2387: 2386: 2384: 2379: 2376: 2370: 2369: 2367: 2362: 2359: 2350: 2346: 2345: 2343: 2338: 2335: 2326: 2322: 2321: 2319: 2314: 2311: 2306: 2302: 2301: 2299: 2294: 2291: 2285: 2284: 2282: 2279: 2273: 2272: 2270: 2265: 2262: 2252: 2251: 2249: 2244: 2241: 2235: 2234: 2232: 2227: 2224: 2214: 2213: 2211: 2206: 2203: 2193: 2192: 2190: 2185: 2182: 2176: 2175: 2173: 2168: 2165: 2155: 2154: 2152: 2147: 2144: 2134: 2133: 2131: 2126: 2123: 2121:Cambridgeshire 2114: 2110: 2109: 2107: 2104: 2098: 2097: 2095: 2090: 2087: 2080: 2079: 2077: 2072: 2069: 2063: 2062: 2060: 2055: 2052: 2043: 2039: 2038: 2036: 2031: 2028: 2018: 2017: 2015: 2010: 2007: 1997: 1996: 1994: 1991: 1981: 1980: 1978: 1973: 1970: 1960: 1959: 1957: 1952: 1949: 1939: 1938: 1936: 1931: 1928: 1919: 1915: 1914: 1912: 1907: 1904: 1894: 1893: 1891: 1886: 1883: 1877: 1876: 1874: 1869: 1866: 1860: 1859: 1857: 1852: 1849: 1839: 1838: 1836: 1831: 1828: 1822: 1821: 1819: 1814: 1811: 1806: 1802: 1801: 1799: 1794: 1791: 1785: 1784: 1782: 1777: 1774: 1764: 1763: 1761: 1756: 1753: 1747: 1746: 1744: 1739: 1736: 1727: 1723: 1722: 1720: 1715: 1712: 1707: 1703: 1702: 1700: 1695: 1692: 1682: 1681: 1679: 1674: 1671: 1662: 1658: 1657: 1655: 1650: 1647: 1640: 1639: 1637: 1632: 1629: 1623: 1619: 1618: 1616: 1611: 1608: 1598: 1597: 1595: 1590: 1587: 1577: 1576: 1574: 1569: 1566: 1560: 1559: 1557: 1552: 1549: 1539: 1538: 1536: 1531: 1528: 1523: 1519: 1518: 1516: 1511: 1508: 1498: 1497: 1495: 1490: 1487: 1477: 1476: 1474: 1469: 1466: 1460: 1459: 1457: 1452: 1449: 1439: 1438: 1436: 1431: 1428: 1418: 1417: 1415: 1410: 1407: 1402: 1398: 1397: 1395: 1390: 1387: 1377: 1376: 1374: 1369: 1366: 1357: 1353: 1352: 1349: 1346: 1341: 1338: 1323: 1320: 1305:Philip Hammond 1293: 1290: 1276: 1273: 1253: 1252: 1249: 1246: 1243: 1240: 1237: 1224: 1221: 1159:George Osborne 1145:George Osborne 1128:Philip Hammond 1043: 1042:Implementation 1040: 1015:, director of 962:George Monbiot 911:City of London 887:Harriet Harman 870: 867: 865: 862: 852: 849: 795: 792: 790:as the Topco. 784:subcontractors 776:legal entities 771: 768: 727: 724: 722: 719: 702:private sector 682: 679: 675:Philip Hammond 629:Prime Minister 618:United Kingdom 604: 603: 601: 600: 593: 586: 578: 575: 574: 573: 572: 560: 548: 533: 532: 529: 528: 523: 518: 513: 508: 503: 498: 493: 487: 485:Related topics 484: 483: 480: 479: 476: 475: 470: 465: 460: 458:Alan Greenspan 455: 450: 445: 440: 435: 430: 425: 420: 415: 410: 405: 399: 396: 395: 392: 391: 388: 387: 382: 377: 372: 367: 361: 358: 357: 354: 353: 350: 349: 344: 339: 334: 329: 324: 319: 314: 309: 307:European Union 304: 299: 294: 288: 285: 284: 281: 280: 277: 276: 271: 266: 261: 256: 251: 246: 241: 236: 230: 227: 226: 223: 222: 219: 218: 213: 208: 203: 198: 196:Chicago School 193: 187: 184: 183: 180: 179: 176: 175: 170: 165: 160: 155: 150: 145: 140: 135: 130: 128:Market economy 125: 120: 115: 110: 105: 95: 90: 85: 80: 75: 70: 65: 60: 55: 50: 44: 41: 40: 37: 36: 30: 29: 15: 9: 6: 4: 3: 2: 8092: 8081: 8078: 8076: 8073: 8071: 8068: 8066: 8063: 8061: 8058: 8056: 8053: 8052: 8050: 8035: 8032: 8030: 8027: 8025: 8022: 8020: 8017: 8015: 8012: 8010: 8007: 8005: 8002: 8000: 7997: 7996: 7994: 7988: 7982: 7979: 7976: 7973: 7971: 7968: 7966: 7963: 7961: 7958: 7956: 7953: 7950: 7947: 7944: 7941: 7940: 7938: 7936: 7932: 7926: 7923: 7921: 7920:United States 7918: 7916: 7913: 7911: 7908: 7906: 7903: 7902: 7900: 7898: 7894: 7888: 7885: 7883: 7880: 7878: 7875: 7873: 7870: 7869: 7867: 7865: 7861: 7855: 7854:Neoliberalism 7852: 7850: 7849:Risk transfer 7847: 7845: 7842: 7840: 7837: 7835: 7832: 7830: 7827: 7825: 7822: 7820: 7819:Privatization 7817: 7815: 7812: 7810: 7807: 7805: 7802: 7800: 7797: 7795: 7792: 7791: 7789: 7785: 7781: 7774: 7769: 7767: 7762: 7760: 7755: 7754: 7751: 7743: 7742: 7734: 7730: 7726: 7723: 7722: 7717: 7710: 7709: 7704: 7699: 7696: 7693: 7690: 7686: 7685: 7674: 7670: 7665: 7660: 7656: 7652: 7648: 7644: 7637: 7630: 7626: 7619: 7604: 7600: 7593: 7585: 7581: 7574: 7566: 7562: 7558: 7551: 7549: 7532: 7526: 7510: 7506: 7499: 7492: 7488: 7481: 7465: 7459: 7448: 7447: 7439: 7423: 7419: 7415: 7408: 7392: 7386: 7379: 7375: 7368: 7361: 7357: 7351: 7343: 7336: 7328: 7322: 7314: 7310: 7306: 7300: 7296: 7289: 7281: 7277: 7272: 7264: 7248: 7242: 7235: 7234: 7226: 7218: 7214: 7209: 7204: 7200: 7196: 7192: 7188: 7187: 7179: 7172: 7168: 7161: 7147:on 6 May 2015 7146: 7142: 7138: 7131: 7129: 7112: 7111:The Economist 7108: 7102: 7100: 7092:on 9 May 2009 7088: 7081: 7080: 7072: 7061: 7060: 7052: 7050: 7048: 7039: 7035: 7028: 7020: 7013: 7011: 6994: 6988: 6972: 6968: 6962: 6946: 6940: 6924: 6918: 6902: 6896: 6880: 6876: 6870: 6854: 6850: 6843: 6827: 6820: 6818: 6810: 6804: 6796: 6790: 6782: 6778: 6771: 6755: 6754:The Economist 6751: 6745: 6730:. 2 July 2009 6729: 6728:The Economist 6725: 6719: 6703: 6697: 6681: 6675: 6668: 6664: 6663: 6656: 6641:. HM Treasury 6640: 6634: 6619:. 5 July 2012 6618: 6614: 6608: 6592: 6588: 6582: 6568: 6564: 6557: 6555: 6538: 6532: 6516: 6509: 6493: 6489: 6483: 6476: 6472: 6469: 6464: 6448: 6442: 6434: 6430: 6429: 6422: 6414: 6410: 6403: 6401: 6384: 6380: 6374: 6358: 6352: 6337: 6333: 6326: 6315: 6311: 6304: 6303: 6296: 6294: 6277: 6271: 6255: 6251: 6245: 6229: 6223: 6204: 6198: 6182: 6178: 6172: 6156: 6152: 6146: 6130: 6126: 6120: 6104: 6098: 6082: 6078: 6072: 6056: 6050: 6034: 6030: 6024: 6008: 6002: 5986: 5980: 5964: 5958: 5956: 5939: 5933: 5917: 5911: 5895: 5891: 5885: 5866: 5860: 5844: 5838: 5822: 5816: 5800: 5794: 5786: 5782: 5776: 5760: 5754: 5747: 5742: 5727: 5726: 5719: 5703: 5697: 5681: 5675: 5659: 5653: 5651: 5634: 5630: 5624: 5608: 5602: 5586: 5580: 5565:. 21 May 2004 5564: 5560: 5554: 5538: 5534: 5528: 5512: 5506: 5490: 5486: 5485: 5480: 5474: 5458: 5454: 5448: 5432: 5426: 5410: 5404: 5388: 5382: 5374: 5370: 5364: 5362: 5360: 5358: 5356: 5336: 5330: 5314: 5308: 5292: 5288: 5282: 5266: 5262: 5256: 5240: 5234: 5218: 5212: 5196: 5190: 5174: 5168: 5152: 5146: 5139: 5135: 5128: 5126: 5106: 5100: 5084: 5080: 5074: 5058: 5052: 5036: 5030: 5019: 5012: 5006: 4990: 4984: 4969: 4967:9780102661996 4963: 4959: 4958: 4951: 4935: 4929: 4914: 4910: 4903: 4887: 4881: 4862: 4861:"PFI and PF2" 4856: 4841: 4836: 4828: 4813: 4812: 4807: 4800: 4784: 4780: 4774: 4758: 4754: 4750: 4744: 4737: 4734:HM Treasury, 4731: 4724: 4718: 4711: 4710: 4703: 4701: 4692: 4688: 4681: 4679: 4677: 4669: 4665: 4659: 4644: 4640: 4633: 4631: 4622: 4618: 4611: 4609: 4600: 4596: 4589: 4587: 4578: 4574: 4567: 4559: 4555: 4548: 4546: 4544: 4535: 4531: 4524: 4522: 4513: 4509: 4502: 4487: 4483: 4476: 4460: 4456: 4450: 4448: 4432: 4428: 4421: 4414: 4410: 4403: 4401: 4399: 4397: 4381: 4377: 4373: 4366: 4350: 4346: 4340: 4332: 4328: 4322: 4315: 4311: 4306: 4304: 4296: 4294:1-84467-539-4 4290: 4287:, p. 3, 4286: 4282: 4275: 4273: 4264: 4260: 4253: 4251: 4249: 4229: 4222: 4216: 4200: 4196: 4190: 4171: 4164: 4158: 4143: 4139: 4132: 4130: 4121: 4117: 4113: 4109: 4102: 4100: 4098: 4089: 4085: 4078: 4076: 4074: 4072: 4052: 4045: 4039: 4023: 4017: 4010: 4007:HM Treasury, 4004: 3997: 3996:Press Release 3993: 3989: 3986:HM Treasury, 3983: 3975: 3969: 3955:on 7 May 2015 3954: 3950: 3946: 3939: 3937: 3921: 3917: 3913: 3909: 3905: 3901: 3897: 3890: 3888: 3871: 3865: 3857: 3853: 3847: 3831: 3830:The Economist 3827: 3821: 3813: 3809: 3804: 3799: 3795: 3791: 3787: 3783: 3782: 3777: 3770: 3768: 3766: 3749: 3743: 3739: 3732: 3729: 3728:public health 3725: 3720: 3717: 3713: 3709: 3705: 3704:Jeremy Colman 3696: 3694: 3690: 3685: 3683: 3678: 3674: 3664: 3662: 3658: 3653: 3649: 3645: 3641: 3637: 3633: 3623: 3620: 3615: 3613: 3609: 3605: 3600: 3595: 3593: 3589: 3585: 3581: 3577: 3573: 3568: 3553: 3551: 3550:Stella Creasy 3548:According to 3546: 3544: 3538: 3533: 3531: 3527: 3522: 3519: 3509: 3506: 3500: 3497: 3492: 3490: 3480: 3477: 3474:chair of the 3473: 3469: 3464: 3461:project. The 3460: 3456: 3452: 3442: 3439: 3435: 3431: 3427: 3423: 3419: 3415: 3414:tax avoidance 3405: 3401: 3397: 3395: 3385: 3380: 3375: 3373: 3369: 3365: 3360: 3350: 3347: 3341: 3336: 3333: 3327: 3324: 3317: 3313: 3311: 3307: 3303: 3302:joint venture 3299: 3295: 3285: 3283: 3277: 3275: 3271: 3270:national debt 3267: 3262: 3260: 3251: 3246: 3242: 3240: 3236: 3230: 3227: 3221: 3211: 3209: 3205: 3198: 3196: 3192: 3187: 3185: 3179: 3175: 3173: 3169: 3158: 3156: 3152: 3151:Innisfree Ltd 3148: 3139: 3136: 3131: 3129: 3125: 3117: 3113: 3111: 3106: 3103: 3091: 3089: 3082: 3080: 3073: 3070: 3068: 3065: 3063: 3060: 3058: 3055: 3053: 3050: 3048: 3045: 3043: 3040: 3039: 3038: 3035: 3033: 3029: 3019: 3015: 3012: 3008: 3004: 3000: 2996: 2994: 2984: 2975: 2971: 2968: 2963: 2961: 2957: 2953: 2948: 2944: 2939: 2937: 2936: 2935:The Economist 2930: 2926: 2924: 2919: 2916: 2901: 2899: 2891: 2888: 2886: 2883: 2880: 2878: 2874: 2873:Streets Ahead 2871: 2868: 2867: 2864: 2862: 2859: 2856: 2854: 2851: 2848: 2847: 2844: 2841: 2838: 2835: 2832: 2831: 2828: 2825: 2823: 2820: 2817: 2816: 2813: 2811: 2805: 2803: 2800: 2797: 2796: 2793: 2788: 2785: 2782: 2780: 2777: 2774: 2773: 2770: 2768: 2765: 2762: 2760: 2757: 2754: 2753: 2750: 2748: 2745: 2742: 2739: 2736: 2733: 2732: 2729: 2724: 2721: 2718: 2715: 2712: 2709: 2708: 2705: 2703:Intelligence 2702: 2700: 2697: 2694: 2692: 2688: 2685: 2682: 2681: 2678: 2675: 2673: 2670: 2667: 2665: 2661: 2658: 2655: 2654: 2651: 2648: 2646: 2643: 2640: 2637: 2634: 2631: 2630: 2626: 2623: 2620: 2615: 2612: 2607: 2606: 2600: 2593: 2591: 2588: 2585: 2583: 2579: 2576: 2573: 2572: 2569: 2567: 2564: 2561: 2559: 2555: 2552: 2549: 2548: 2545: 2543: 2540: 2537: 2535: 2531: 2528: 2525: 2524: 2521: 2518: 2516: 2512: 2509: 2508: 2505: 2503: 2497: 2495: 2491: 2488: 2487: 2484: 2482: 2479: 2476: 2474: 2471: 2467: 2463: 2460: 2455: 2452: 2447: 2446: 2440: 2433: 2431: 2428: 2425: 2423: 2419: 2416: 2413: 2412: 2409: 2407: 2404: 2401: 2399: 2395: 2392: 2389: 2388: 2385: 2383: 2380: 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Retrieved 7603:Bristol Live 7602: 7592: 7584:The Observer 7583: 7573: 7565:the original 7560: 7535:. Retrieved 7525: 7513:. Retrieved 7509:The Staggers 7508: 7498: 7490: 7480: 7468:. Retrieved 7458: 7445: 7438: 7426:. Retrieved 7422:the original 7417: 7407: 7397:30 September 7395:. Retrieved 7385: 7377: 7367: 7350: 7335: 7321: 7294: 7288: 7275: 7263: 7251:. Retrieved 7241: 7233:The Guardian 7231: 7225: 7190: 7184: 7178: 7170: 7160: 7149:, retrieved 7145:the original 7140: 7115:. Retrieved 7113:. 9 May 2011 7110: 7087:the original 7078: 7071: 7058: 7038:The Observer 7037: 7027: 7018: 6997:. Retrieved 6987: 6975:. Retrieved 6970: 6961: 6949:. Retrieved 6939: 6927:. Retrieved 6917: 6905:. Retrieved 6895: 6883:. Retrieved 6879:The Guardian 6878: 6869: 6857:. Retrieved 6852: 6842: 6830:. Retrieved 6803: 6789: 6781:The Guardian 6780: 6770: 6758:. Retrieved 6756:. 9 May 2011 6753: 6744: 6732:. Retrieved 6727: 6718: 6708:30 September 6706:. Retrieved 6696: 6686:30 September 6684:. 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Retrieved 4913:The Guardian 4912: 4902: 4890:. Retrieved 4880: 4868:. Retrieved 4855: 4843:. Retrieved 4839: 4827: 4815:. Retrieved 4811:The National 4809: 4799: 4787:. Retrieved 4782: 4773: 4761:. Retrieved 4752: 4743: 4730: 4717: 4708: 4690: 4667: 4658: 4647:, retrieved 4643:The Guardian 4642: 4621:The Guardian 4620: 4599:The Guardian 4598: 4577:The Guardian 4576: 4566: 4557: 4534:The Guardian 4533: 4512:The Observer 4511: 4501: 4489:. Retrieved 4486:The Guardian 4485: 4475: 4463:. Retrieved 4458: 4434:. Retrieved 4431:PPP Bulletin 4430: 4420: 4412: 4384:, retrieved 4380:the original 4375: 4365: 4353:. Retrieved 4349:the original 4339: 4331:the original 4321: 4313: 4280: 4263:The Guardian 4262: 4235:. Retrieved 4228:the original 4215: 4203:. Retrieved 4199:the original 4189: 4179:19 September 4177:. Retrieved 4170:the original 4157: 4145:. Retrieved 4141: 4111: 4107: 4088:The Guardian 4087: 4058:. Retrieved 4051:the original 4038: 4026:. 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Retrieved 3742: 3721: 3702: 3686: 3670: 3629: 3616: 3604:Tony Travers 3596: 3588:golden share 3564: 3547: 3540: 3535: 3523: 3515: 3502: 3494: 3486: 3472:Conservative 3468:Edward Leigh 3448: 3438:Edward Leigh 3411: 3402: 3398: 3390: 3377: 3374:recalls the 3356: 3343: 3338: 3329: 3319: 3314: 3291: 3278: 3263: 3256: 3244: 3235:John Appleby 3231: 3226:The Guardian 3225: 3222: 3218: 3200: 3188: 3181: 3177: 3164: 3145: 3132: 3122: 3107: 3099: 3084: 3076: 3036: 3024: 3001: 2997: 2990: 2981: 2972: 2964: 2955: 2949: 2946: 2941: 2933: 2931: 2927: 2920: 2912: 2898:The Guardian 2897: 2896: 2810:British Army 2613:Project name 2598: 2453:Project name 2438: 1340:Project name 1325: 1313: 1302: 1295: 1278: 1262: 1254: 1226: 1213: 1198: 1194: 1186: 1177: 1168: 1163: 1142: 1137: 1121: 1116: 1087:Alan Johnson 1075: 1056: 1045: 1025: 1001: 989:Gordon Brown 978: 950:trade unions 942:Alan Milburn 934:Labour Party 927: 923:Peter Lilley 903: 875:Conservative 872: 854: 841: 825: 821: 797: 788:shareholders 773: 764: 760: 756: 752: 729: 695: 672: 664: 648: 613: 609: 607: 473:Bill Clinton 370:Chicago boys 216:Trickle-down 206:Neoclassical 118:Laffer curve 93:Free markets 63:Deregulation 24:Part of the 18: 7844:Public debt 7804:Outsourcing 7354:Waite, R., 6999:27 November 6929:11 December 6667:HM Treasury 6498:23 December 6359:. Innisfree 6341:15 December 5041:26 December 4649:29 December 4147:28 November 3876:2 September 3518:BBC Radio 4 3445:Bureaucracy 3420:criticised 3253:HM Treasury 3239:King's Fund 3095:Peter Dixon 2993:English NHS 2915:HM Treasury 2913:A study by 2747:HM Treasury 2627:References 2481:NHS Lothian 2464:References 1506:Farnborough 1351:References 1229:White Paper 1190:odious debt 1118:initiative. 1099:Vince Cable 1013:Derek Higgs 958:Green Party 919:consultancy 915:accountancy 869:Development 823:operation. 812:senior debt 808:senior debt 698:procurement 511:Blatcherism 269:Rogernomics 264:Reaganomics 244:Thatcherism 211:Supply-side 8049:Categories 8019:World Bank 7965:PPP Canada 7897:By country 7872:Concession 7729:Foot, Paul 6623:9 November 6597:28 October 6517:. 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