PPI and the Sting in the New Labour Tail

The spectre of schools falling down, with the potential for killing children, is truly chilling. The media failing to report this in any manner that fulfils the solemn duty of the journalist is truly shameful.

The narrative is very straightforward. More than ten years ago, the Labour Party in Scotland were instrumental in pushing forward a new type of financing for public buildings. In essence, the Labour Party forced councils to proceed with infrastructure projects through the Private Finance Initiative (PFI). This wacky version of voodoo economics has led us to our two pronged current crisis.

The first problem was identified early on: PFI kept project costs off the books whilst the projects were being built. Over the following decades the councils would be obliged to continue paying the contractors, with the bill being absurdly more expensive than if the councils had been allowed to finance the projects in their own way. So, we find that Fife Council built schools with the capital value of £103.9 million. Thanks to PFI, the schools will cost five £412 million over the next 20 years. It beggars belief that any sentient being could have thought that this was a wizard wheeze.

The second problem has surfaced with vengeance in the past week. Not to put too fine a point on it, it now seems that projects were completed with no obvious oversight during construction, leading us to the closure of Edinburgh’s dangerous PFI schools. Wings over Scotland has done its typically sterling job of collecting the media reports, which have failed to mention that the only fingerprints on this national disgrace come from the hands of the soon to be dead Labour Party.

This story is going to have a very long tail and that tail will have a sting like a scorpion who has been mainlining hydrochloric acid.

Read the WoS piece:

One day we’d like to be surprised

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