Solution to PFI crisis
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PFI in the UK is costing the taxpayer 300 billion for 55 billion worth of assets built.
these payments are strangling UK services funding that could be used elsewhere.
for example, Havering pct is paying 11.3% or 52 million per year of its budget, on a deal that is lasting 30 years. the cost of the hospital to build £324,487,292.39.
with a 30 year lease at 52 million per year, the total cost would be £1,560,000,000. a total of £1,235,512,708 in funds which is currently being wasted that could be used for the treatment of patients and staffing costs.
to solve this problem there are two potential funding avenues.
1. dramatically reduce the international aid budget from 13 billion per year to 1 billion.
2. reallocate the current funds sent to the EU (£376 million per week) post Brexit.
the solution comes by using either of these funds to build new facilities that are paid for outright, once constructed the new facilities are then occupied and the old ones that are subject to the PFI deals are defaulted on. freeing public services from deals and debts which should have never have been created in the first place due to the high financial burden placed on public funds.
further savings can be created by having a universal building design so that each facility can be built to a set standard and can be replicated multiple times using the same plans. this would also enable universal parts to be fitted and sourced at reduced costs.
using this funding in this way will also have the added benefit of boosting the construction industry within the UK.
PFI should also be dramatically changed so that should future governments use them that they must not cost more than 20% over the initial cost of construction.
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