Magazine article Public Finance

Councils Turn Away from PFI for Housing

Magazine article Public Finance

Councils Turn Away from PFI for Housing

Article excerpt

Local authorities appear to be losing interest in the Private Finance Initiative as a means to build and refurbish housing.

Following a brief flurry of interest in the PFI four years ago after the government extended it to cover building new homes, only a handful of new schemes are being approved by ministers.

Three authorities that had applied to build homes through the PFI have withdrawn from the fifth round of the programme, it emerged this week.

Vale of White Horse Council said It could not afford the up-front funding cost that was required without any guarantee of a return.

East Sussex, which submitted a group bid on behalf of five district councils in the county, said the authorities had found alternative sources of funding. …

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