So the HSBC owns three of our NHS hospitals & also offshores it’s profits so that it doesn’t pay tax due here. Bloodsuckers.
There is a scandal unfolding quietly in this country which poses an existential threat to our most critical public services. It is called the Private Finance Initiative. Today, we look at the dangerous circle of self-interest which means our government is making the tax payer pay the bill for private service providers and banks to take over our schools, hospitals and other core public services.
What is PFI?
PFI stands for Private Finance Initiative. The schemes were initially designed by Tory Chancellor Norman Lamont in 1992 and were rapidly expanded under New Labour. They are touted as a form of Public Private Partnership. The government uses private finance, rather than borrowing in the usual way, to raise funds for projects. Since 1992, our hospitals and schools have been built this way. PFI loans are at least twice the rate of interest of ordinary government loans, and repaid over 25-30 years.
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