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From The Socialist newspaper, 17 June 2008

PFI - a very bad deal for the NHS

IF YOUR local shop had an offer, "one for the price of three", they would not get much trade. Yet that's the kind of deal offered to health trusts by Private Finance Initiative (PFI) consortia on building hospitals. If you include rent, fees and additional interest charges, the costs of PFI deals in Britain's hospitals can be two and sometimes three times as great as publicly financed agreements.

PFI firms build hospitals and lease them back over 30-60 year commercial contracts. In Scotland's first PFI hospital, Hairmyres in East Kilbride, for instance, construction firm Keir and finance firm Innisfree originally put in 8.4 million of 'their own money.'

Using Freedom of Information laws, two Scottish economists found that over 30 years they will recoup an estimated 145 million. That is double the cost of building the hospital through public finance through the National Loan Scheme, even though the contractors put their cash at very little risk.

With extra profits from operating and maintenance costs, the ratio may be as high as three to one. PFI is a very expensive way of transferring money from the health service to the bank accounts of building and financial capitalism. PFI must go.

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Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
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In The Socialist 17 June 2008:

No! to racism: Yes! to decent jobs, homes and public services

No! to racism: Yes! to decent jobs, homes and public services

Unite and fight against racism

Protest at BNP 'hate festival'

Let AmDani stay!

conference


International socialist news and analysis

Lisbon Treaty 'No' vote delivers major shock for political and big business Establishment


Socialist Party campaigns

Shell drivers strike

David Davis - sanity or carving a position?

Greater Manchester - save your post office

London protest over Rajapaksa's dismal human rights record

Stop big business polluting our environment


Education

Stop New Labour's divisive school academy plans


Socialist Party NHS campaign

NHS: Polyclinics - Stop this backdoor privatisation

PFI - a very bad deal for the NHS

Reopen the battle on NHS pay


Socialist Party campaigns

End the occupations

Unison conference: Angry delegates attack leaders


Post office closures

Leeds: Stop Beeston post office closures


Socialist Party workplace news

National Shop Stewards Network Conference

CWU's link with Labour hotly debated

Victory against bosses at Keele

Workplace news in brief


 

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Related links:

PFI:

triangleCapitalism fails NHS services in Liverpool: scrap PFI!

triangleNorthern Ireland: strike action by NHS workers

triangle300 NHS nurse suicides in seven years - fully fund our health service now!

triangleNon-fiction: 'Unhealthy Profits: PFI in the NHS'

triangleWorcestershire: save the libraries, reverse all the cuts

Hospitals:

triangleDispatches from the front: bosses prepare fresh attacks on NHS

triangleUS private healthcare system in meltdown

triangleDispatches from the front: NHS staff say give us PPE, not medals!

triangleNHS workers speak out: austerity has left us unprepared

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