Private Finance Initiative (PFI) is a method of financing new schools, hospitals, streetlighting etc without the council or health service having to find the money up front. Instead a consortium of a building firm and a bank (or two) offer to build and run the service for a period of between 20 and 35 years. For this the public pays much, much more.
If elected John will refuse to make further payments to the PFI companies and take council control of the buildings. The banks have already recouped their costs several times over and these debts can be classified as “odious debt” entered into by a ruler without the will of the people.
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