Magazine article Public Finance

Defend the PFI, Business Warns SNP

Magazine article Public Finance

Defend the PFI, Business Warns SNP

Article excerpt

The Private Finance Initiative is delivering real benefits but needs sustained political will and the right environment to succeed, business leaders have told a Scottish Parliament inquiry into capital investment.

In a paper submitted to the Parliament s finance committee, CBI Scotland warns the Scottish National Party government to champion the PFI's benefits more actively.

If not, it says, the private sector might opt out of providing the services that are normally part of public-private partnership investment deals.

The warning comes as Finance Secretary John Swinney begins a consultation into plans to set up a Scottish Futures Trust, a non-profit private limited company which will be 'representative of the public interest'. Its key role will be to provide more efficient alternatives to the traditional PFI models.

The finance committee is due to start hearing evidence in connection with its inquiry into different models of funding capital investment

In its submission, CBI Scotland says the PFI has been a successful method of funding capital investment that has delivered greater efficiencies and improved service quality across a number of public services. …

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