"discredited" Finance adopted by Osborne

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laresMon 18/04/11 10:26

"George Osborne, the chancellor, is pressing ahead with private finance initiative (PFI) projects on a multibillion-pound scale despite having dismissed the infrastructure funding mechanism as "discredited" when he was in opposition, research has revealed.

A report on Channel 4 News shows 61 PFI projects, worth a total of £6.9bn, have been taken forward since the general election. This is despite claims that private sector borrowing costs currently make PFI particularly poor value for money.

Of the 61 projects being negotiated, 39 are due to be signed off this year, against 32 in 2008 and 38 in 2009, when Gordon Brown was prime minister."

"The Labour government, which massively expanded the use of PFI after it was developed by the last Tory government, defended it on the grounds that public sector procurement schemes often came in late and over budget and that, under PFI, the costs associated with these risks were transferred to the private sector.

But, in opposition, Osborne and his Lib Dem counterpart, Vince Cable, complained that PFI was poor value for the taxpayer. Osborne described it as a "discredited" model, while Cable said it was "a dishonest system of accounting, designed to hide taxpayers' liabilities"."

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markonseaMon 18/04/11 21:59

Politicians will say anything when they're in opposition. They know people won't remember (if they were listening in the first place).

Vince will bear watching, though ...

laresMon 18/04/11 22:04

quoting > "Politicians will say anything when they're in opposition. They know people won't remember (if they were listening in the first place)."

The thing is, I'm totally opposed to PFI/PPP/Etc (just like Ken Livingstone). The Tories were just back-handing their buddies when they invented it. Labour were living in a fantasy world - trying to pay for investment on the never/never - when they carried it on. Now Osborne is doing what? The former or the latter?

The government should pay for investment from government funds and own and operate the infrastructure.

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