[24] 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 ensure proper risk transfer to the private sector along with transparent accounting: The government's use of PFI has become totally discredited, so we need new ways to leverage private-sector investment . And that is before we get to paying for the much larger scheme at Bart's and the London in a few years' time. That is not good value for money". Further requirements then flow down to subcontractors, again with contracts to match.
Indeed, under IMF rules, national governments are not permitted to go bankrupt (although this is sometimes ignored, as when Argentina 'restructured' its foreign debt). Jeremy Colman, former deputy general of the National Audit Office and Auditor General for Wales is quoted in the Financial Times saying that many PFI appraisals suffer from "spurious precision" and others are based on "pseudo-scientific mumbo-jumbo". [12], In 2003 the Labour Government used public-private partnership (PPP) schemes for the privatisation of London Underground's infrastructure and rolling stock.

David Francis Lindesay worked in OCTAGON HEALTHCARE GROUP LIMITED, BRISTOL PFI LIMITED, THE HOSPITAL COMPANY (DARTFORD) LIMITED, OCTAGON HEALTHCARE HOLDINGS (NORWICH) LIMITED, INVESTORS IN THE COMMUNITY (LEEDS SCHOOLS) LIMITED, … The committee "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 . Conservative MP Edward Leigh said there were "significant weaknesses" in the way the contract was negotiated. 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. An article in the Financial Times recalls the, 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 rates of return when they used falling interest rates to refinance.
All directors are appointed by shareholders at PFI’s annual meeting. OCTAGON HOMES LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity ... Director Date of birth January 1956 Appointed on 6 … These institutions were staffed with people linked with the City of London, accountancy and consultancy firms who had a vested interest in the success of PFI. At only one company in the past three years was any pension provided. 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. 30 September 2021, Last accounts made up to "[149], In a paper published in the British Medical Journal, the magazine of the medical trade union, the BMA, a team consisting of two public health specialists and an economist concluded that many PFI appraisals do not correctly calculate the true risks involved.

25 Jul 1997. [148], The House of Commons Public Accounts Committee has criticised the Treasury for failing to negotiate better PFI funding deals with banks in 2009.


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