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British National Health Service would save $4.4 billion CAD if P3s bought back

Research shows public-private building contracts no bargain.

Dr Chris Edwards found that buying back hospital P3 contracts would save taxpayers billionsGREAT BRITAIN, June 1, 2009 — As much as £2.4bn could be saved if the NHS bought out the private finance contracts signed by the government to build new hospitals, an economic study has claimed.

Labour's enthusiasm for public finance initiatives (PFIs) has wasted national reserves and enriched private investors, the report by a University of East Anglia academic alleges.

Dr Chris Edwards's investigation focuses on one of the earliest PFI contracts agreed, for the 987-bed Norfolk and Norwich University hospital (NNUH).

The refinancing of the NNUH contract has already been the subject of a critical report by the public accounts committee, which commented on "the unacceptable face of capitalism in the consortium's dealings with the public sector".

Edwards calculates a new figure of how much could be saved - £217m, he says - if the Norwich hospital contract were bought out from the private company that originally financed the deal...

To read further, please click on the link below:

Links and sources
  PFI has been a wasteful way to build new hospitals, says study, by Owen Bowcott, The Guardian, June 1 2009
  Portal page to report by Dr Chris Edwards, East Anglia University

Posted: June 03, 2009

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