Local Transport Today is the authoritative, independent journal for transport decision makers. Analysis, Comment & News on Transport Policy, Planning, Finance and Delivery since 1989.

Private Finance Initiative needs further improvement to properly come of age

26 April 2006
The Skye bridge, the UK's first PFI project
The Skye bridge, the UK's first PFI project

 

Although devised by the Conservatives, the use of the Private Finance Initiative (PFI) to fund public sector projects has become synonymous with the last eight years of Labour Government. In 2003/04, more than 30% of total public capital investment was invested using PFI - considerable growth since it was launched in the 1992 budget by Norman Lamont, the then Chancellor of the Exchequer.

Lamont's original aim was to achieve closer partnerships between the public and private sectors, as well as...

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