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Cumberland Infirmary, one of the first projects funded using the PFI. The private finance initiative (PFI) is a procurement method which uses private sector investment in order to deliver public sector infrastructure and/or services according to a specification defined by the public sector. [2]
Site work started the following day (12 January 1998). The project was the first large PFI hospital scheme in the NHS. In July 2000 approval was given to extend the Norfolk and Norwich University Hospital with a second phase that included an additional 144 beds and took the project cost to £229 million. [4]
Allyson Pollock is a consultant in public health medicine and was the Director of the Institute of Health and Society, Newcastle University.She is an academic who is known for her research into, and opposition to, part privatisation of the UK National Health Service (NHS) via the Private Finance Initiative (PFI) and other mechanisms.
In June 2018, a consortium of banks financing the project withdrew their support, and HM Treasury cancelled the PFI contract for construction of the hospital, leaving the NHS trust with a lengthy search for new investment and pushing the completion date back to at least 2022. [12] [13]
The PFI project company, The Hospital Company (Liverpool) Ltd will pay interest, from when the hospital is opened, at a rate of 4.9% on two long-term loans (c 32 years maturity) of £90 million each from the European Investment Bank and Legal & General.
By the end of 1995, 60 relatively small projects had been planned for, at a total cost of around £2 billion. Under PFI, buildings were built and serviced by the private sector, and then leased back to the NHS. The Labour government elected under Tony Blair in 1997 embraced PFI projects, believing that public spending needed to be curtailed. [16]
1 Powers of NHS trusts to enter into agreements (1) The powers of a National Health Service trust include power to enter into externally financed development agreements. (2) For the purposes of this section, an agreement is an externally financed development agreement if it is certified as such in writing by the Secretary of State.
A new hospital was procured under a Private Finance Initiative ('PFI') contract in 2001. It was designed by Jonathan Bailey Associates and built by Bovis Lend Lease [4] at a cost of £54 million. [5] It was officially opened by Tony Blair, Prime Minister, in January 2004. [6]