Is PFI about to stage a comeback?

By Joey Gardiner2025-04-08T06:00:00

Reeves arrives at Treasury by Kirsty OConnor copy

As part of Building’s new Funding the Future series, Joey Gardiner considers the chances of an unlikely renaissance for the much-maligned initiative

PFI: the so-called “unacceptable face of capitalism”. It is probably fair to say that the public image of the infrastructure financing mechanism never quite recovered from the Norfolk and Norwich University Hospital deal that was branded as such by Tory MP Edward Leigh in 2006.

Norfolk and Norwich was one of the first wave of hospitals built under a PFI deal. In 2006 the Tory chair of the public accounts committee described the NHS’s approach to a refinancing deal as the “unacceptable face of capitalism”

Then chair of the influential Commons public accounts committee, Leigh’s panel of MPs accused the consortium that built the hospital of making tens of millions of pounds by refinancing loans and not passing on the benefit to the hospital trust.

Already registered? Login here

To continue enjoying Building.co.uk, sign up for free guest access

Existing subscriber? LOGIN

Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.

Limited access to building.co.uk
Breaking industry news as it happens
Breaking, daily and weekly e-newsletters

Get your free guest access SIGN UP TODAY

Subscribe now for unlimited access

Subscribe to Building today and you will benefit from:

Unlimited access to all stories including expert analysis and comment from industry leaders
Our league tables, cost models and economics data
Our online archive of over 10,000 articles
Building magazine digital editions
Building magazine print editions
Printed/digital supplements

Subscribe now for unlimited access.

View our subscription options and join our community