MedWorm: Private Finance Initiative (PFI)

Healthcare trust hopes to nationalise second-ever PFI hospital

HSJ — Thu, 09 Feb 2012 06:00:00 +0100

The foundation trust poised to take over one of England’s first ever private finance initiative hospitals hopes to renationalise it, HSJ has learned. (Source: HSJ)

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Sally Gainsbury: PFI bailouts are a sign of things to come

HSJ — Thu, 09 Feb 2012 04:08:00 +0100

Those who are worried that the current top-down reconfiguration of the NHS will be the last of its kind received some good cheer last week, when the seven lucky recipients of its £1.5bn private finance initiative bailout scheme were announced. (Source: HSJ)

We're all paying for Europe's gift to our aristocrats and utility companies | George Monbiot

Guardian Unlimited Science — Mon, 28 Nov 2011 20:30:05 +0100

Dukes, water companies and wildlife charities will be relieved to know their plunder of farm subsidies under the common agricultural policy can last until at least 2020What would you do with £245? Would you: a) use it to buy food for the next five weeks; b) put it towards a family holiday; c) use it to double your annual savings; or d) give it to the Duke of Westminster?Let me make the case for option D. This year the duke was plunged into relative poverty. Relative, that is, to the three parvenus who have displaced him from the top of the UK rich list. (Admittedly he's not so badly off in absolute terms: the value of his properties rose last year, to £7bn.) He's the highest ranked of the British-born people on the list, and we surely have a patriotic duty to keep him there. And he's a s...

NHS PFI debts rising by 5pc a year

Telegraph Health — Sun, 27 Nov 2011 13:15:12 +0100

Taxpayers face paying five per cent more per year for hospitals built under the Private Finance Initiative (PFI) because the debts are linked to inflation, the BBC1 programme Panorama has found. (Source: Telegraph Health)

For corporate welfare queens and their crystal baths, there is no benefit cap | George Monbiot

Guardian Unlimited Science — Mon, 21 Nov 2011 20:30:06 +0100

Limited liability, offshore secrecy regimes and state handouts ensure those at the top bear none of the costs they inflict on usIn the documentary series which finished on Friday evening, the heiress Tamara Ecclestone set out to prove that she isn't "a pointless, quite spoilt, really stupid, vacuous, empty human being". This endeavour was not wholly successful. Channel 5 showed her supervising the refurbishment of her £45m home in London, in which she commissioned a £1m bathtub carved from Mexican crystal, an underground swimming pool complex, her own nightclub, a lift for her Ferrari, a bowling alley with crystal-studded balls and a spa and massage parlour for her five dogs, to save her the trouble of taking them to Harrods to have their hair sprayed and their nails painted. But there w...

Exclusive: The six trusts that need DH support with their PFI

HSJ — Fri, 18 Nov 2011 15:00:00 +0100

Six hospital trusts have been identified as needing Department of Health cash support with their private finance initiative payments in order to make foundation trust status, HSJ can reveal. (Source: HSJ)

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Revealed: the six trusts that need DH support with their PFI

HSJ — Fri, 18 Nov 2011 15:00:00 +0100

Osborne outlines PFI reassessment plans

HSJ — Tue, 15 Nov 2011 10:15:00 +0100

Chancellor George Osborne today announced a “fundamental reassessment” of the government’s controversial private finance initiative, with the aim of cutting costs and improving transparency. (Source: HSJ)

Hospital workers protest against car park charges

Nursing Times Breaking News — Wed, 09 Nov 2011 11:04:00 +0100

Health workers have protested against a 113% increase in parking charges at a city hospital where the car park is run under a private finance initiative (PFI) arrangement. (Source: Nursing Times Breaking News)

John Laing to raise more for PFI projects

FT.com - Drugs and Healthcare — Wed, 28 Sep 2011 15:52:22 +0100

One of the UK's biggest managers of private finance initiative-built projects is seeking to raise a further £155m (Source: FT.com - Drugs and Healthcare)

Finger on the Pulse: We warned about the perils of PFI

Telegraph Health — Fri, 23 Sep 2011 18:18:47 +0100

The controversial Private Finance Initiative has left NHS trusts in dire financial straits. Max Pemberton reports. (Source: Telegraph Health)

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Sixty hospitals face 'collapse' over PFI deals, admits Lansley

HSJ — Thu, 22 Sep 2011 10:27:00 +0100

More than 60 hospitals can not afford the rising cost of private finance initiative schemes and are being left “on the brink of financial collapse”, according to the health secretary. (Source: HSJ)

VIDEO: PFI costs 'putting hospitals at risk'

BBC News | Health | UK Edition — Thu, 22 Sep 2011 08:01:59 +0100

The rising cost of paying for hospitals built through the Private Finance Initiative is jeopardising the finances of some NHS Trusts, ministers say (Source: BBC News | Health | UK Edition)

PFI costs 'put hospitals at risk'

BBC News | Health | UK Edition — Thu, 22 Sep 2011 02:00:14 +0100

The rising cost of paying for hospitals built through the Private Finance Initiative is jeopardising the finances of some NHS Trusts, ministers say. (Source: BBC News | Health | UK Edition)

Hospital PFI deals attacked after car park charges increase

HSJ — Fri, 09 Sep 2011 10:54:00 +0100

Private finance initiative contracts signed by the last Labour-led administration to build hospital car parks have been attacked following a decision by one hospital to increase charges by 62 per cent. (Source: HSJ)

MPs call for PFI deals to be subject to FOI requests

HSJ — Fri, 02 Sep 2011 13:50:00 +0100

The Commons’ public accounts committee has called for private finance initiative companies to be made subject to the Freedom of Information Act. (Source: HSJ)

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NHS estate wrangles in the North West

HSJ — Thu, 01 Sep 2011 00:00:00 +0100

What do you do with a private finance initiative hospital when it becomes the subject of service reconfiguration? (Source: HSJ)

Trust access to PFI funding could be constrained by Treasury rule change

HSJ — Wed, 24 Aug 2011 23:21:05 +0100

NHS trusts could find it harder to secure badly needed private finance initiative funding after chief secretary to the Treasury Danny Alexander ordered the Department of Health to review how it authorises potential schemes, HSJ has learned. (Source: HSJ)

PFI needs 'substantial' reform, warn MPs

HSJ — Fri, 19 Aug 2011 10:20:00 +0100

The private finance initiative “cannot be relied upon to provide value for money” and requires “substantial” reform, MPs have said. (Source: HSJ)

PFI poor value for money, say MPs

BBC News | Health | UK Edition — Fri, 19 Aug 2011 00:14:15 +0100

The Private Finance Initiative used by successive governments to pay for new schools and hospitals is poor value for money, a group of MPs say. (Source: BBC News | Health | UK Edition)

Private finance costs taxpayer £20bn

FT.com - Drugs and Healthcare — Sun, 07 Aug 2011 22:02:20 +0100

The taxpayer is paying over £20bn in "extra" borrowing costs for the 700 projects acquired under the private finance initiative, according to FT calculations (Source: FT.com - Drugs and Healthcare)

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Government will act as guarantor on PFI

HSJ — Thu, 28 Jul 2011 17:11:00 +0100

The government will continue to act as a guarantor for private finance initiative schemes, health secretary Andrew Lansley has announced. (Source: HSJ)

Gove unveils £2bn PFI schools scheme

FT.com - Drugs and Healthcare — Tue, 19 Jul 2011 19:44:15 +0100

A new £2bn programme to build schools under the private finance initiative is to be launched, Michael Gove, the education secretary announced as Treasury plans to save some £1.5bn on existing PFI projects came under fire (Source: FT.com - Drugs and Healthcare)

Ministers see PFI savings of £1.5bn

FT.com - Drugs and Healthcare — Mon, 18 Jul 2011 23:06:19 +0100

Ministers aim to save £1.5bn on the cost of the 459 operational private finance initiative contracts in England. But the savings will be achieved, if at all, over many years (Source: FT.com - Drugs and Healthcare)

PFI sector rejects calls for taxpayer rebate

FT.com - Drugs and Healthcare — Fri, 17 Jun 2011 14:35:48 +0100

The private finance initiative industry tells MPS it will not give the taxpayer a rebate on the returns it is making from PFI contracts (Source: FT.com - Drugs and Healthcare)

PFI rethink stalls hospital building plans

HSJ — Thu, 16 Jun 2011 06:00:00 +0100

Plans to build a number of new hospitals have stalled as trusts await a ministerial decision on whether the government will underwrite private finance initiative deals. (Source: HSJ)

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Watchdog calls for alternative to PFI

FT.com - Drugs and Healthcare — Wed, 27 Apr 2011 23:02:21 +0100

The Treasury must find alternatives to the private finance initiative for delivering big infrastructure projects, parliament's public spending watchdog has warned (Source: FT.com - Drugs and Healthcare)

Watchdog warns over future use of private finance initiative

BMJ Online First — Wed, 27 Apr 2011 23:00:00 +0100

The national spending watchdog has issued a warning over future use of any private finance initiatives to build hospitals, saying other ways of funding public projects might be better value for... (Source: BMJ Online First)

PFI hospitals 'asset stripping', claims campaign group

HSJ — Mon, 04 Apr 2011 10:38:00 +0100

Hospitals built under the private finance initiative are closing beds and cutting jobs in a “desperate bid” to balance their books, a campaign group has claimed. (Source: HSJ)

PFI contracts 'ripping off' hospitals

Telegraph Health — Fri, 01 Apr 2011 16:19:42 +0100

Hospitals built under the private finance initiative (PFI) are closing beds and cutting jobs in a ''desperate bid'' to balance their books, a campaign group claimed today. (Source: Telegraph Health)

PFI contracts to be squeezed by Treasury

HSJ — Thu, 17 Feb 2011 12:27:00 +0100

The Treasury has launched a squeeze on contracts signed under the private finance initiative in the hope of finding savings worth millions of pounds. (Source: HSJ)

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BMJ Analysis: Private finance initiatives during NHS austerity

NeLM - News — Thu, 10 Feb 2011 00:00:00 +0100

Source: BMJ Area: News In this BMJ analysis, the authors believe that ring fencing of private finance initiative (PFI) payments prioritises investor returns over patient care and call for tighter monitoring and renegotiation. They discuss the following topics: . Relative cost of finance . Rise of PFI . Consequences of risk transfer . Monitoring performance . Risk transfer for enforcing contracts . Value for money . Affordability They conclude "we have shown that current NHS PFI contracts are not good value and are endangering patient care. The need for renegotiation is openly discussed by the PFI industry. The ministries involved in PFI should take a leaf from the Ministry of Defence, which routinely reopens contracts ...

NHS trust buys back PFI hospital

FT.com - Drugs and Healthcare — Wed, 02 Feb 2011 20:55:19 +0100

A mental health trust in the north-east has become the first NHS organisation to buy back a private finance initiative deal, in a move that will boost its finances over the long term (Source: FT.com - Drugs and Healthcare)

NHS trust buys back its PFI debt

HSJ — Tue, 01 Feb 2011 14:10:00 +0100

A mental health trust is believed to be the first NHS organisation to have bought back its private finance initiative debt from its private sector partner. (Source: HSJ)

Trusts battle for right to absorb smaller non-FTs

HSJ — Fri, 21 Jan 2011 10:52:00 +0100

Two London hospital trusts, one of which is struggling with a large private finance initiative, are competing to swallow up two smaller trusts. (Source: HSJ)

PFI profits 'not shared by the taxpayer'

FT.com - Drugs and Healthcare — Tue, 18 Jan 2011 00:04:52 +0100

Investors are boosting profits from private finance initiative projects but not sharing the gains with the taxpayer, the House of Commons public spending watchdog warns (Source: FT.com - Drugs and Healthcare)

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The private finance initiative: the gift that goes on taking

BMJ Online First — Wed, 15 Dec 2010 00:00:00 +0100

(Source: BMJ Online First)

Warning over high cost of PFI projects

FT.com - Drugs and Healthcare — Wed, 08 Dec 2010 17:53:17 +0100

The public is paying too much for hospitals, schools, roads and other projects built under the private finance initiative, parliament's spending watchdog has warned (Source: FT.com - Drugs and Healthcare)

Blog outlines Ed Miliband's views on NHS targets and PFI hospitals

HSJ — Thu, 30 Sep 2010 00:00:00 +0100

Labour’s new leader Ed Miliband likes targets and private finance initiative hospitals, and doesn’t like the switch to GP commissioning consortia, the Health Policy Insight website reported. (Source: HSJ)

NHS facing £65bn PFI bill

HSJ — Fri, 13 Aug 2010 10:28:00 +0100

The NHS in England faces a total bill of £65bn for new hospitals built under the private finance initiative (PFI), it has been reported. (Source: HSJ)

Hard times: is this the end of the road for the private finance initiative?

BMJ Online First — Tue, 20 Jul 2010 12:24:45 +0100

(Source: BMJ Online First)

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PFI contracts delivering 'above expectations,' say auditors

HealthcareRepublic Independent Nurse News — Thu, 17 Jun 2010 00:01:00 +0100

Most NHS private finance initiative (PFI) schemes are achieving the value for money expected of them when the contracts were signed, according to the National Audit Office. (Source: HealthcareRepublic Independent Nurse News)

GPC gives ideas of where the axe should fall

OnMedica Latest News — Wed, 09 Jun 2010 23:00:00 +0100

'Wasteful Private Finance Initiative schemes' top GPC's chair's listRelated items from OnMedica'Ditch' private management consultants from the NHSRegulator warns of need for health service reformCommunity services in danger says NHS AllianceBMA asks public to fight NHS commercialisationGMS contract negotiators reach agreement (Source: OnMedica Latest News)

NHS: here's the unpleasant truth

Telegraph Health — Fri, 23 Apr 2010 16:53:16 +0100

As the election nears a consultant in a leading teaching hospital says voters have been shortchanged by huge rises in spending. (Source: Telegraph Health)

Bart's finance director resigns

HSJ — Thu, 22 Apr 2010 00:00:00 +0100

The finance director at a trust facing a multibillion pound private finance initiative bill has resigned. (Source: HSJ)

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The pros and cons of PFI hospitals

Telegraph Health — Tue, 09 Mar 2010 23:16:52 +0100

In the third of our series on the future of health care, Victoria Lambert look at the hospitals built under Tony Blair's Private Finance Initiative. (Source: Telegraph Health)

Front-line NHS staff need to be more involved

Telegraph Health — Tue, 09 Mar 2010 17:53:03 +0100

The NHS faces a lot of criticism, writes Dr Pari Shams, but we can still make it an organisation to be proud of. (Source: Telegraph Health)

Lib Dems say NHS faces £63bn PFI bill

HealthcareRepublic Independent Nurse News — Tue, 09 Feb 2010 00:10:00 +0100

The NHS is facing a £63bn bill for private finance initiative (PFI) hospitals which are only worth £11bn, according to Liberal Democrat analysis of Treasury figures. (Source: HealthcareRepublic Independent Nurse News)

Spending squeeze to hurt PFI hospitals the most

FT.com - Drugs and Healthcare — Sat, 23 Jan 2010 02:00:00 +0100

NHS hospitals built under the private finance initiative will have a much tougher time making the productivity and efficiency gains that are needed as public spending... (Source: FT.com - Drugs and Healthcare)

DH makes PFI debt pledge

HSJ — Thu, 03 Sep 2009 00:00:00 +0100

The Department of Health has said it will change the financial reporting rules to ensure trusts with private finance initiative debts do not breach their statutory duty to break even. (Source: HSJ)

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Banks 'using PFIs to boost profits'

HSJ — Thu, 20 Aug 2009 11:14:12 +0100

A study claims the high interest rates being charged for private finance initiative projects are helping banks restore their profits. (Source: HSJ)

PFI hospital 'ahead of schedule'

HSJ — Fri, 14 Aug 2009 12:47:00 +0100

The private finance initiative project to deliver Birmingham’s first new NHS hospital in 70 years is reportedly “significantly ahead” of schedule. (Source: HSJ)

Noel Plumridge: the optimism bias uplift

HSJ — Thu, 16 Jul 2009 00:00:00 +0100

The crowd from the finance department were relaxing in the Rat and Weasel musing on life’s three inevitables: death, taxes… and the private finance initiative. (Source: HSJ)

Monitor hits back at PFI 'cancellation' claim

HSJ — Mon, 29 Jun 2009 10:54:00 +0100

The foundation trust regulator Monitor has hit back at allegations reported in last week’s HSJ that it has “effectively cancelled” the remaining NHS private finance initiative contracts. (Source: HSJ)

Possible Government Rethink On NHS Private Finance Initiative Welcomed By UNITE, UK

Health News from Medical News Today — Fri, 26 Jun 2009 10:00:00 +0100

A possible government rethink into the 'flawed and expensive' private financing of NHS hospitals has been welcomed by Unite, the largest union in the country. Unite, which is campaigning strongly against the privatisation of the NHS, was commenting on an interview by health minister, Lord Darzi in which he said the Private Finance Initiative (PFI) 'needs to be looked at. (Source: Health News from Medical News Today)

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DoH 'considers dropping private finance initiative for NHS buildings'

HealthcareRepublic Pharmacist News — Fri, 26 Jun 2009 00:53:00 +0100

The government is considering ditching private finance initiative (PFI) as its main way of funding new health buildings, Lord Darzi has hinted. (Source: HealthcareRepublic Pharmacist News)

New hospitals 'could drain NHS'

NHS Networks — Thu, 04 Jun 2009 16:32:56 +0100

Hospital building projects could put NHS finances in serious peril in the coming years, doctors have warned.New hospitals in England are predominantly funded through the Private Finance Initiative (PFI). But the British Medical Association warned repayments could cripple the NHS at a time when the budget is set to be squeezed because of the recession. They urged ministers to pull the plug on new projects but the government said it was looking for "value for money". The health service already has its funding guaranteed until 2011, but after that the budget is expected to be frozen or even cut in real terms as public spending is tightened. This comes as the NHS is preparing to pay back billions of pounds to private firms for building the new hospitals. More than 100 hospitals ...

Treasury U-turn on PFI takes pressure off DH capital budget

HSJ — Thu, 04 Jun 2009 00:00:00 +0100

A Treasury U-turn over accounting rules for hospitals built under the private finance initiative has given the Department of Health’s capital budget a reprieve. (Source: HSJ)

Government to 'prop up' PFI deals

BBC News | Health | UK Edition — Tue, 03 Mar 2009 17:08:38 +0100

The government is to inject taxpayers' money into the controversial private finance initiative. (Source: BBC News | Health | UK Edition)

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Health-related PFI contracts are going ahead says Prime Minister

Management in Practice — Thu, 29 Jan 2009 15:46:59 +0100

The impact of the credit crunch on health-related private finance initiative projects is to be reviewed by the government (Source: Management in Practice)

PFI payment scheme "rocketing out of control" claims MP

Management in Practice — Tue, 09 Dec 2008 13:14:44 +0100

Private Finance Initiative scheme will cost taxpayers over £27 billion this year, the Pre-Budget Report shows (Source: Management in Practice)

HM Treasury: Making changes in operational PFI projects....

PCCAS: Full newsfeed — Fri, 07 Nov 2008 09:46:41 +0100

The Private Finance Initiative (PFI) has been the... (Source: PCCAS: Full newsfeed)

Prentis slams 'flawed' private finance initiative

News-Medical News Feed — Mon, 08 Sep 2008 23:55:00 +0100

UNISON is calling on the government to abandon its failed private finance initiative (PFI) policy following the latest report from parliament's public spending watchdog. (Source: News-Medical News Feed)

Watchdog reveals PFI charges gap

HealthcareRepublic Pharmacist News — Fri, 18 Jan 2008 00:00:00 +0100

Millions of pounds have been diverted from patient care, because contractors are charging over the odds for changes to private finance initiative (PFI) hospitals, according to new research. (Source: HealthcareRepublic Pharmacist News)

Scottish hospital to use robots to move goods

E-Health-Insider — Mon, 09 Jul 2007 09:22:56 +0100

Robots transporting hospital goods and equipment will be used for the first time in a new hospital being built at Larbert in Stirlingshire, under a £300m private finance initiative. (Source: E-Health-Insider)

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Affiniti wins £67.6m ICT services PFI deal for North Staffs

E-Health-Insider — Mon, 09 Jul 2007 08:57:32 +0100

Communications integrator Affiniti has been awarded a Private Finance Initiative (PFI) contract worth £67.6m over 37 years to manage, design and implement all current and future ICT services for two new hospitals in North Staffordshire (Source: E-Health-Insider)

Old Meets New: Nuffield Orthopaedic Centre In Oxford Opens New Â£42m Hospital - Extends 140 Year History Of Excellence Into 21st Century Care, UK

Bones / Orthopaedics News From Medical News Today — Fri, 23 Mar 2007 15:00:00 +0100

World-class specialist orthopaedic hospital, the Nuffield Orthopaedic Centre in Oxford, yesterday welcomed the Rt Hon David Cameron, MP on a private visit as it opened the doors of its Â£42m new hospital to patients and the public. The new hospital - a private finance initiative - replaces virtually all of the NOC's older buildings, some of which date back 50 years or more. [click link for full article] (Source: Bones / Orthopaedics News From Medical News Today)

PFI schemes 'to cost NHS £53bn'

BBC News | Health | UK Edition — Fri, 27 Oct 2006 07:22:37 +0100

The NHS will pay private companies £53bn for private finance initiative hospitals worth only £8bn, the Tories say. (Source: BBC News | Health | UK Edition)

Key Department of Health Publications for week of Oct 16-20

National Prescribing Centre eCAB Week in Review — Tue, 24 Oct 2006 10:00:00 +0100

Our health, our care, our say: making it happen Diagnostic tests waiting times data: month ending August 2006 (external link) NHS continuing healthcare: transitional arrangements following NHS reorganisation and pending national framework implementation The Continuing Care (National Health Service Responsibilities) Modification Directions 2006 Out and about - Wheelchairs as part of a whole systems approach to independence The GP Patient Survey - Your doctor, your experience, your say (formerly known as the National Patient Experience Survey 2006/7) - Update for Strategic Health Authorities (SHAs), Primary Care Trusts (PCTs) and Primary Care Contracting Advisors (PCCAs) The private finance initiative: How to conduct a competitive dialogue procedure - A consultation (Source: National P...

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Cavanagh warning over PFI to build new Sick Kids

Scotsman.com News - Health of the NHS — Tue, 12 Sep 2006 02:14:02 +0100

HEALTH chiefs should think twice before deciding to use the controversial private finance initiative to build Edinburgh's new Sick Kids hospital, the outgoing chairman of NHS Lothian said today. (Source: Scotsman.com News - Health of the NHS)

A&E patients forced to wait longest at flagship hospital

Scotsman.com News - Health — Fri, 01 Sep 2006 20:08:02 +0100

PATIENTS at a flagship hospital built through the private finance initiative scheme face the longest waits in accident and emergency in Scotland. (Source: Scotsman.com News - Health)

Most NHS trusts will miss 2008 foundation deadline

FT.com - Drugs and Healthcare — Thu, 01 Jun 2006 03:00:00 +0100

Big National Health Service overspends and problems making private finance initiative hospitals affordable mean fewer than half of all NHS trusts will be ready to... (Source: FT.com - Drugs and Healthcare)