Extent of PFI repayments revealed

Scottish Borders Council’s children and young person’s service is spending £8.5million a year repaying historic debts.
The local authority spends nearly eight per cent of its education budget repaying private finance initiative (PFI) deals it signed nearly a decade ago under the council’s then Conservative-Liberal Democrat-independent ruling administration.
PFI contracts, first introduced during John Major’s Conservative government and expanded after Labour’s election victory in 1997, involve private financing being used to build and run public-sector infrastructure projects.
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23 July 2018 in Regional North East, Views: 70
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