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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Delivery of this groundbreaking private finance initiative programme on schedule is a significant moment for Defence Equipment and Support (DE&S) and the RAF.
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 project is being implemented as a PPP project as part of the British government's Private Finance Initiative. The project's promoter is the Newcastle-upon-Tyne Hospitals National Health Service Trust, a public sector statutory corporation responsible for the delivery of acute health care services to Newcastle and the surrounding area.
Heating and electricity supplies at Prince Charles Hospital, Merthyr Tydfil, will be provided through a Private Finance Initiative (PFI).
The obvious hope that inspiring new paradigms for educational buildings might emerge from all this should not be overstated, as new projects must endure the baleful scrutiny of the PFI (Private Finance Initiative), the current UK system of public building procurement, which is doggedly driven by the tenets of cost cutting and mediocrity, making it much harder for architects and their clients to be imaginative or experimental.
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.
Norwich has signed a Private Finance Initiative contract with Integris, valued at GBP85m and set to last 15 years.
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."
The OSE plans to establish the market due to the Diet passage in July of private finance initiative (PFI) legislation designed to rationalize infrastructure development projects by introducing private-sector funds and know-how.
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.

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