Housing PFIs: 'They've Cost More and Been Delivered Late' - Spending Watchdog

Councils and health trusts were forced to use private finance initiative (PFI) contracts to provide housing and hospital services because there was "no realistic funding alternative", the Commons spending watchdog has said. There was no evidence that PFI schemes offered better value for money, according to a report from the Public Accounts Committee, but in many cases they were the only way to fund projects. The Government failed to use its leverage in the market to secure the best possible deal for taxpayers, the committee found. The housing contracts have cost considerably more than originally planned and were, on average, two-and-a-half years late, the report said. Read more on 24dash.