Published: 19th Mar 2021

Vital public services could be disrupted when hundreds of Private Finance Initiative (PFI) contracts involving schools and hospitals come to an end in the next few years, according to a new report. The report by the public accounts committee warns 200 such contracts will expire in the next 10 years and the government is currently not prepared for the massive transfer of assets that will follow. It adds smaller local authorities, especially those with a single PFI contract about to end, are exposed to greater risk as they often have limited resources to effectively manage expiry. And while discussions are progressing around who is responsible for providing this support, no decisions have yet been made, according to the report. In the past, PFI contracts were used extensively to build new roads, hospitals and schools. According to the report, there are around 700 PFI contracts in place with assets worth a … (To read the full article, subscribe below)