MPs: Labour wasted £1bn on PFI projects

first_img Tags: NULL Share Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof whatsapp KCS-content Show Comments ▼center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm ALISTAIR Darling, the former chancellor, wasted over £1bn by using the private finance initiative (PFI) to fund a series of vote-winning projects in the run up to the election, according to a report by an influential group of MPs. The Public Accounts Committee found the taxpayer had to pay an extra £1bn for PFI deals financed during the crisis, after the credit crunch pushed up borrowing costs for infrastructure projects. Jesse Norman, a Tory member of the committee, told City A.M.: “The government was determined to push through these projects because it wanted to have lots of good news stories in the run up to the election.“But these deals were done at inflated prices.”Norman added that a “rudimentary analysis” of the projects Darling signed off in this period showed a large number benefited voters living in Labour marginal constituencies, suggesting the government was trying to skew the result of the election.The report also criticises the Treasury for failing to use its strong negotiating position – as a shareholder in RBS and Lloyds – to push down financing costs. Wednesday 8 December 2010 9:03 pm MPs: Labour wasted £1bn on PFI projects last_img read more