Debating the Private Finance Initiative

George Eustice MP joined with parliamentary colleagues yesterday in a Westminster Hall debate calling for a reassessment of private finance initatitives.

Calling the debate, Jesse Norman (Conservative MP for Hereford) said, "Since its inception in the early 1990s, the private finance initiative has resulted in more than £200billion of public debt, the cost of which will hang over the British taxpayer for decades. It has created great private fortunes and fundamentally shaped the nature of our public services. It has generated huge public outrage. It has raised profound issues of fairness between this generation and the next and it has affected virtually every constituency in the land and the lives of millions of people."

George highlighted the particular problems that PFI contracts have presented to schools, sometimes even being a block to a school gaining academy status.

It is hoped that the Government will be able to renegotiate the terms of some existing pfi contracts, saving the taxpayer millions of pounds.