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PFI Costs £21 per square foot excluding land

At the District Committee last week we were presented with the case that to have a community space of 3,300 square feet available from 8am to 6pm could cost 71,000 per year for 30 years.

Given that we need access during the evening this is a complete non-starter. The point to remember with this is that it ignores the land values. You could argue the case that the community were being priced out. That may be true, but everything I see about PFI is massively expensive (and involves tying up the public purse strings for decades).

The Treasury like it because they claim it reduces the risk of the price going up. The point is that the price is put particularly high at the start and the administrative costs of setting the schemes up are massive. The game is to get the capital cost off the PSBR, but the cost of doing this is massive.

This has a list of PFI projects agreed by the government. The total value is £42 bn.

That ignores all the projects in the pipeline and does not tell us how much money is paid out per year for each one. There are basically too many vested interests behind PFI for it to get proper scrutiny from the government on a value for money basis.

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