Rachel Reeves considers reviving PFI model to fund Labour's new towns infrastructure plans
By
Tony Diver
Hand-rolled, kettle-boiled, baked to perfection. Worth every minute at the bakery.
Summary
Rachel Reeves is considering reviving Tony Blair-era Private Finance Initiatives (PFIs) to fund Labour's new towns and major infrastructure projects. The proposal risks backlash from the Left, who criticize PFIs for leaving hospitals and schools with expensive long-term debts and maintenance contracts. The Treasury is exploring private sector involvement despite historical controversy over the model's cost-effectiveness.
Key quotes
· 3 pulledRachel Reeves is considering a return to Blair-style private sector deals to fund major building projects, The Telegraph can reveal.
The Chancellor has asked investors how private finance initiatives (PFIs) could be used in national infrastructure schemes, including Labour's plan to build new towns.
Ms Reeves risks a backlash from the Left of the party, who say Sir Tony Blair's use of PFIs left hospitals saddled with millions of pounds in interest repayments and schools locked into expensive maintenance contracts.
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