Private Finance Initiative


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Private Finance Initiative

n
(Government, Politics & Diplomacy) (in Britain) a government scheme to encourage private investment in public projects. Abbreviation: PFI
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Chief executive Alan Foster, for North Tees and Hartlepool NHS Foundation Trust, said: "The trust has submitted a revised outline business case for the new hospital based on the government's new version of the private finance initiative, known as PF2.
Summary: George Osborne is expected to unveil a "faster and more transparent" system for Private Finance Initiatives.
It came close to collapse in 2004 after racking up huge debts on over-ambitious bids for Private Finance Initiative contracts.
The pounds 12bn Defence Technical College (DTC) project at St Athan is the UK's biggest Private Finance Initiative and the largest single investment made in Wales.
Education bosses used the Private Finance Initiative (PFI) scheme for a pounds 55m building programme for nine schools.
Heating and electricity supplies at Prince Charles Hospital, Merthyr Tydfil, will be provided through a Private Finance Initiative (PFI).
Thirteen staff are to be made redundant at West Lothian College in Livingston, which was opened in 1996 as a beacon of the Tory government's Private Finance Initiative.
Vice-chairman Amelia Simonini said: "The crazy bit is that there would be no VAT charge if this was a publicly operated bridge instead of a Private Finance Initiative.
Under the private finance initiative (PFI) legislation endorsed by the House of Councillors at its plenary session, the central and local governments will farm out construction and management of public facilities to private companies.
The finance goes to Power Asset Development Company Ltd (PADco), responsible for construction of works carried out as a private finance initiative (PFI) under a 30-year concession awarded by London Underground Ltd.
com/research/8322aa/the_private_financ) has announced the addition of the "The Private Finance Initiative Market - UK 2010-2014" report to their offering.
Not out of complacency, I contrast this with the financial position of the North Tees and Hartlepool Hospitals Foundation Trust, because, as it happens, our local hospitals do not have a massive debt to face on account of the Private Finance Initiative.

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