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It said in 2017 that PFI companies had made pre-tax profits of £831m in the past six years which could have been spent on patient care. [2] In 2022 it pointed out that expenditure on staff, equipment and other capital projects can be cut by an NHS trust, but not their PFI payments. [ 3 ]
The trust complained in July 2019 that inflexible Treasury rules were preventing it from buying out its 40-year PFI contract, which could deliver savings of £30 million a year. The contract equity holders are receiving around £20 million in annual dividends which is "double the figure envisaged at the start of the project and [is] projected ...
As of June 2019, CDDFT has three ongoing private finance initiative (PFI) contracts, which were used to build University Hospital of North Durham (UHND), Chester le Street Community Hospital (CLS), and Bishop Auckland Hospital (BAH). They were taken out in March 1998, May 2002, and May 1999 and borrowed £92.6 million, £13.2 million, and £49. ...
Another controversy was the long term cost of the private finance initiative (pfi) deal to build the hospital: In 2019 it was revealed that University Hospitals Coventry and Warwickshire NHS Trust paid 12.5% of their income per year to the contractor, and that by the end of the contract, they would have spent an estimated £3.7 billion, almost ...
In 2017 there were 127 PFI schemes in the English NHS. The contracts vary greatly in size. Most include the cost of running services such as facilities management, hospital portering and patient food, and these amount to around 40% of the cost. Total repayments will cost around £2.1 billion in 2017 and will reach a peak in 2029.
The Trust was the first to buy out a PFI contract, borrowing £114.2 million from Northumberland County Council in June 2014 in a deal which reduced its costs by £3.5 million per year. [16] It was named by the Health Service Journal as the best acute trust to work for in 2015.
The first PFI hospitals contain some 28% fewer beds than the ones they replaced. [18] As well as this, it has been noted that the return for construction companies on PFI contracts could be as high as 58%, and that in funding hospitals from the private rather than public sector cost the NHS almost half a billion pounds more every year. [19]
The Trust constructed one of the biggest Private Finance Initiative schemes in the NHS, designed by Anglo-American architects Anshen Dyer and developed by Lendlease. Non-clinical services are run by Sodexo (formerly Sodexho) whose contract runs until 2042. [12] The Private finance initiative contract costs about £72 million per annum. This ...