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1. It is time to derail the PFI gravy train - Telegraph
We need an entirely new approach to using private sector finances, says Jesse Norman MP.When the Private Finance Initiative was developed, it was sold as offering the best of all worlds. Rather than having to spend billions upfront on new schools and hospitals, we would get private companies to build them for us; the result would be gorgeous, state-of-the-art facilities, funded over many years via a series of easy payments.It is now apparent, however, that the country was sold a pup. A slew of revelations about the PFI’s eye-popping cost have emerged, ranging from the £900 that Alistair Darling had to pay for the Treasury’s Christmas tree to a £660 million overspend on widening the M25.Yesterday , a report from the House of Commons Public Accounts Committee painted an even more damning picture of the PFI and its management by the last government. It shows that when considering new hospitals or housing, the Department of Health and the Department for Communities and Local Government were given no alternative to the PFI, regardless of the value for money. Central government failed to take advantage of its size and influence, by bundling deals together to get better value for the taxpayer, or even to gather decent data to help manage the costs.While the PFI has been around since the early 1990s, the problem really started with Gordon Brown’s overriding desire to improve Britain’s infrastructure without having to own up to the cost. This meant keeping the debt off the balance sheet, building up a gigantic – but invisible – burden on the country’s finances. The total owed is now some £210 billion, or more than £3,000 for every person in Britain. That’s on top of our national debt, which has just passed £1 trillion.
URL: http://www.telegraph.co.uk/news/politics/8267472/It-is-time-to-derail-the-PFI-gravy-train.html - 88KB - 15 Mar 2012
Excerpt: politics it is time to derail the pfi gravy train we need an entirely new...
2. Why we should celebrate the death of PFI - Telegraph
The Private Finance Initiative's toxic legacy of debt proves there is a better way to improve Britain’s infrastructure.In the interests of security, the head of North Bromsgrove High School recently asked BAM, the PFI contractor managing the facilities, to price up the installation of three locks and deadlocks to three sets of double doors in the school atrium. BAM’s charge for this was £961.85 in capital costs, and a recurring sum of £49.40 in “lifecycle” costs for the remainder of the contract. There are 26 years still to run on this, meaning a total of £2,246.25.So the school checked to see how much the job would cost if it organised it itself. The answer was the three locks would cost £85, inclusive of VAT, plus a day’s labour at £150, for a total of £235. That’s a saving of £726.85 up-front, or £2,011.25 over the life of the contract. In other words, the effect of PFI was to make the locks cost 955 per cent more than they should have.
URL: http://www.telegraph.co.uk/finance/economics/8892122/Why-we-should-celebrate-the-death-of-PFI.html - 84KB - 09 Apr 2012
Excerpt: we should celebrate the death of pfi the private finance initiative s...
3. Tax incentives and tax avoidance | JohnRedwoodsDiary
As politicians and some in the media work the country into a frenzy against tax dodgers, please spare a thought for all those politicians and commentators arguing for more tax breaks to promote good works, more gr0wth and healthy lifestyles. One man’s tax dodger is another man’s prudent individual taking advantage of strongly recommended tax breaks which have been carefully honed by government.Some people pay less tax because they give generously to charity, some because they are making accelerated savings for retirement so they will not depend on benefits and taxpayers in their old age, some because they are investing in places and causes approved by politicians, some because they are lending their money to the government to spend on public services.
URL: http://johnredwoodsdiary.com/2012/12/04/tax-incentives-and-tax-avoidance/ - 227KB - 15 Dec 2012
Excerpt: tax to waste on things like hs2 and pfi deals that osborne is reported is...
4. Labour’s PFI debt will cost five times as much, Conservatives claim - Telegraph
RSS Feed for Politics articles - Telegraph.co.uk DCSIMG Accessibility links Skip to article Skip to navigation Advertisement Telegraph.co.uk Search...
URL: http://www.telegraph.co.uk/news/politics/8225864/Labours-PFI-debt-will-cost-five-times-as-much-Conservatives-claim.html - 84KB - 27 Mar 2012
Excerpt: home news politics labour s pfi debt will cost five times as much...
5. ConservativeHome's Platform: Jesse Norman MP: Taxpayers deserve a rebate from Gordon Brown's...
Jesse Norman is MP for Hereford and South Herefordshire You want to buy a car. But would you buy it on HP from a single provider on a long term contract, with one payment every year which includes all the...
URL: http://conservativehome.blogs.com/platform/2010/12/jesse-norman-mp-taxpayers-deserve-a-rebate-from-gordon-browns-costly-private-finance-initiatives.html - 125KB - 02 Dec 2010
Excerpt: services rack up national debt pfi obligations taken out browna...
6. The government's balance sheet
Prior to the election I set out items I thought were missing from the government’s balance sheet that ought to be there. I estimated the bank liabilities from banks with government shareholdings, PFIand PPP liabilities which are another kind of borrowing, and unfunded public sector pensions. I said that an incoming Conservative government should and probably would set out these items for us all to see.So it proved with the Coalition government. They have published figures showing much larger state liabilities.
URL: http://johnredwoodsdiary.com/2012/06/28/the-governments-balance-sheet/ - 92KB - 08 Aug 2012
Excerpt: in the way government borrowing or pfi is a liability the scheme has...
7. The £1.5 billion backbencher: Jesse Norman MP - thetorydiary
Yesterday we learnt that the Treasury and Cabinet Office will set up a unit to negotiate £1.5 billion of savings from the Labour era PFI contracts that were used to build schools, hospitals, prisons and other public sector facilities but were very badly negotiated. The decision is a huge victory for Jesse Norman, the new Conservative MP...
URL: http://conservativehome.blogs.com/thetorydiary/2011/07/the-15-billion-backbencher-jesse_norman-mp.html - 69KB - 20 Jul 2011
Excerpt: 1 5 billion savings labour era pfi contracts were build schools...
8. UK Budget 2012: Everyone to get statement revealing third of tax bill goes on welfare | Mail...
Every taxpayer is to get a personal annual statement revealing how each pound taken from them by the Revenue is spent.George Osborne will announce the radical move in tomorrow’s Budget, saying every worker has the right to know how their taxes are spent once the money enters the public purse.In some cases, the results are likely to prove startling.A higher-rate taxpayer earning £50,000 this year would be told they paid £14,183 in tax and National Insurance – of which around a third, £4,727.67, is spent on welfare.At the same time, £2,469.68 is spent on health, £1,848.73 on education, £818.52 on defence and £705.62 on public order and safety. A further £141.12 is given to foreign aid and £70.56 is handed to the EU.A Treasury source said: ‘It’s quite right that people know how much tax they pay and what it’s spent on.’
URL: http://www.dailymail.co.uk/news/article-2117387/Budget-2012-Everyone-statement-revealing-tax-goes-welfare.html - 162KB - 20 Mar 2012
Excerpt: office show us the cost of the uk pfi academy schools and pfi hospitals...
9. The whole of the UK is short of infrastructure | John Redwood's Diary
Some of you have commented that London has grown faster because it has taken a disproprtionate share of the infrastructure investment. It is difficult to square this with the reality.The truth is that much of the UK is short of transport capacity. The country is gradually benefitting from a big expansion of digital broadband capacity, with major investment in all regions. London, the south-east and the east are suffering more than the rest of the country from a failure to invest in enough reservoir capacity for water demands. Electricity is delivered by national grid, and gas and oil are shared around the whole country. There is, it is true, only one high speed train line from London to the Channel tunnel. The rest of the railway network was shared around by Victorian entrepreneurs who put substantial capacity into the then prosperous industrial regions. Modern subsidy perpetuates the broad shape of the Victorian railway, as adjusted by Beeching. If you look at road investment the south of the country has received less motorway investment than the Midlands, Lancashire and Yorkshire. East Anglia, Devon and Cornwall, Lincolnshire and Northumberland have all been left out of the motorway age.
URL: http://johnredwoodsdiary.com/2012/05/01/the-whole-of-the-uk-is-short-of-infrastructure/ - 227KB - 11 May 2012
Excerpt: for public projects at best ppi and pfi have not proved particularly...
10. Sajid Javid MP: How to rebuild the British economy | Conservative Home
Sajid Javid is the Conservative MP for Bromsgrove and was previously a senior Managing Director with Deutsche Bank. In this Platform, he builds on his Maiden Speech of last week, and argues that the global economic outlook puts even more pressure on us to start cutting public spending immediately.Not only have we inherited an utter economic mess from Labour but the global economic outlook is about to complicate matters further.Let’s remind ourselves of the domestic disaster that we have been left to clean up. At 12 per cent of GDP, Labour passed us the largest deficit in Europe. During their 13 years in office, Labour took our visible national debt from £351 billion to £894 billion, an increase of 155 per cent.Labour also mastered the dark art of off-balance sheet borrowing, in much the same way as RBS, Citibank and Enron did. For instance, our PFI liabilities are estimated to be at least £150 billion and our public sector pension liabilities an eye watering £2,000 billion. Combine these with the visible debt and, at £3,044 billion, you have one of the most indebted nations on Earth.
URL: http://www.conservativehome.com/platform/2010/06/sajid-javid-how-to-rebuild-the-british-economy.html - 68KB - 30 Mar 2014
Excerpt: and enron did for instance our pfi liabilities are estimated to be at...
11. Double standards II?
The day before yesterday we looked at the different approaches to the health and financial sectors when large companies make mistakes. I agree with those who wrote in to say one of the worst features of banking was the way the state bailed them out instead of making them pay their own losses and sort themselves out, whilst protecting depositors rather than bondholders and shareholders. You may recall I was against the bail outs at the time. One of my reasons for opposing the equity bail out was the likelihood it would fuel resentment at bankers on a large scale. Today I want to look at the different approach we take towards serious error in the public and private sectors.
URL: http://johnredwoodsdiary.com/2012/07/16/double-standards-ii/ - 181KB - 17 Jul 2012
Excerpt: and to be found wherever there is a pfi deal or public procurement...
12. ConservativeHome's Parliament Page: Jesse Norman's campaign for a PFI rebate continues apace
By Jonathan Isaby Follow Jonathan on Twitter Last December, Jesse Norman - who was elected MP for Hereford and South Herefordshire at the 2010 general election - wrote here on ConHome about his campaign for a voluntary rebate to taxpayers...
URL: http://conservativehome.blogs.com/parliament/2011/06/jesse-normans-campaign-for-a-pfi-rebate-continues-apace-.html - 138KB - 25 Jun 2011
Excerpt: camp main jesse norman campaign pfi rebate continues apace jonathan...
13. 500,000 to lose disability benefit - Telegraph
Half a million people are set to lose disability benefits as the Government pushes ahead with plans to rid the system of abuse and fraud, Iain Duncan Smith says.In an interview with today’s Daily Telegraph, the Work and Pensions Secretary says that he is determined to introduce radical reforms to disability benefits which will see more than two million claimants reassessed in the next four years.Iain Duncan Smith says that the number of claimants has risen by 30 percent in recent years “rising well ahead of any other gauge you might make about illness, sickness, disability”. Losing a limb should not automatically entitle people to a pay-out, he suggests.The cost of disability living allowance, which is intended to help people meet the extra costs of mobility and care associated with their conditions, now outstrips unemployment benefit and will soon be £13 billion annually.His department will now replace Disability Living Allowance (DLA) with a new benefit called Personal Independence Payment (Pip) which will have tighter criteria and a simpler approval system.Mr Duncan Smith is also working on plans to encourage and help more disabled people to return to work. Many people wrongly believe that they will lose their disability benefits if returning to work, but they are not means tested. However, officials believe that other benefit bills may fall if more disabled people return to work once the new system is explained personally to them.
URL: http://www.telegraph.co.uk/health/healthnews/9263453/500000-to-lose-disability-benefit.html - 89KB - 13 May 2012
Excerpt: under threat of closure 22 sep 2011 pfi where did all go wrong 22 sep 2011...
14. 'Hit squad' sent into crisis NHS trust that is losing £1m a week | Mail Online
Health Secretary Andrew Lansley (pictured) is sending in a crisis team of doctors, administrators and accountants to take control of South London Healthcare NHS Trust.It has gone £150million into the red over the past three years, largely because of crippling Private Finance Initiative deals agreed by the last Labour government.
URL: http://www.dailymail.co.uk/news/article-2164693/Hit-squad-sent-crisis-NHS-trust-losing-1m-week.html - 181KB - 26 Jun 2012
Excerpt: many of the debts run up thanks to pfi deals agreed by labour that will...
15. How to fix the NHS: a doctor's prescription | The Spectator
I’m a doctor, and I don’t care about the NHS. In this country, that’s an almost heretical statement — but it’s true. What I mean is that I have absolutely no interest in ensuring its survival simply because it’s a great national treasure. What I care about is making sure that we have the best possible and most cost-effective healthcare system. And as it happens, despite the strikes, panic and doom-mongering, I think the NHS — by which I mean a nationalised healthcare model — is the best option available, if only someone were brave enough to make the right changes in the right way.
URL: http://www.spectator.co.uk/features/9343402/how-to-fix-the-nhs/ - 175KB - 20 Oct 2014
Excerpt: by the private finance initiative pfi the absurd public private...
16. Why is the US economy doing better than the UK? | John Redwood's Diary
All the so called neo-Kenysians are out and about telling us that the US is recovering well owing to further fiscal stimulus, whilst the UK is said to be faltering thanks to a government “cutting too far and too fast”. It is time to debunk this nonsense.Let me start by saying I think Keynes was a great economist. His insights into the creation of money, inflation, and growth are important. All mainstream political parties are heir to his traditions in several respects. All agree that the state should borrow to offset a fall in demand in a recession. All agree that there needs to be controls over money and credit creation with a monopoly money system organised by the state. The Central Bank has to decide on overall levels of money and credit. They do not, however, tend to follow his precepts in a boom, when they ought to be asking the state to control spending and repay debt.
URL: http://johnredwoodsdiary.com/2012/04/27/why-is-the-us-economy-doing-better-than-the-uk/ - 255KB - 11 May 2012
Excerpt: good price for our shares in them 4 pfi payments are off balance sheet...

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