COST OF PRIVATE FINANCE INITIATIVES

That this House notes that the Government holds assets worth a capital value of 56 billion, which have been built under PFI contracts; but is deeply concerned that these will cost taxpayers around 229 billion by the time the debt is repaid up to 30 years later; further notes the South London Healthcare Trust has been put intospecial administration because its 2.5 billion PFI deal costs 61 million a year to service, more that 14 per cent of its income which it cannot fund; and fears that many other hospital trusts will also be unable to meet their annual PFI debt payments without massive reductions in staffing and patient care.