PFI – A disaster waiting to happen
Gordon ‘Prudence’ Brown convinced himself that the City loved him because he kept Government debt to less than 40% of GDP. If they did love him – and he desperately wanted to be loved – it was because the City made oodles of money with him as Chancellor, and later as Prime Minister. And the Private Finance Initiative (PFI) was a nice little earner. To keep Government debt low, Brown used PFI to fund the building of hospitals, schools and infrastructure. If the Government had borrowed the money at a cheaper rate (and Governments can always borrow cheaper than the…
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