£13bn bill for Yorkshire councils’ ‘buy now, pay later’ PFI schemes

Taxpayers have been left with a £13bn bill for contracts signed by Yorkshire councils to construct and maintain new schools, homes and waste facilities paid for under the controversial Public Finance Initiative, The Yorkshire Post can reveal.

Town hall bosses across the region have entered into a raft of ‘buy now, pay later’ agreements since the turn of the century using PFI, where private firms fund the upfront costs of new buildings and are paid back over the next 25 years or more.

Read on… http://www.yorkshirepost.co.uk/news/13bn-bill-for-yorkshire-councils-buy-now-pay-later-pfi-schemes-1-8675923

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6 Responses to £13bn bill for Yorkshire councils’ ‘buy now, pay later’ PFI schemes

  1. pleasant says:

    More examples of self-serving, arrogant, incompetent, feckless, financially-illiterate politicians robbing the futures of our children and grandchildren for their own short-term political gain, hubris and kudos.

  2. Xinsider says:

    Can someone explain to me the “risks faced” by private construction companies that would not have been faced by Local Authorities in these building projects ??

  3. poetmorgan says:

    This was obvious from day one
    As for risk, they risked not being able to rob.

  4. Ged says:

    Labour activists and trade unions warned of the risks but Blair and councils/cllrs chose to ignore. We told them that pfi equated to we pay for it where construction firms – many of these firms also engaged in the illegal blacklisting of workers – would rake in the profits and it would be like paying for the mortgage on the credit card.

    If it was paid off, the buildings would likely be fit for the demolition ball and start all over again…..

    Future generations wud be saddled with the debt long after those making inept and not fit for purpose decisions had long left the political stage.

    The government and councils shud av invested the money directly not on tick. We now have to pick up the pieces!

  5. Euripides says:

    Standard labour incompetence and lack of financial nous. Why don’t labour councillors foot the bill they agreed to support the schemes including Riverside House in Rotherham. As for accountability and responsibility for what they have done well there is never any, CSE, Wath School to name two more, they simply shrug their shoulders and move on to the set of incompetent policies.
    But Rotherham people are also to blame, they vote for them and then moan at what they deliver, so whose fault is it really?

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