private finance initiative
Rory has welcomed tough action announced by the Government to save more than £1.5 billion from the Private Finance Initiative. Importantly all of the money saved will go to PFI schemes, including the Penrith and Patterdale fire stations in the constituency.
In a written Ministerial Statement delivered to Parliament, Treasury Minister Lord Sassoon laid out Government plans to save more than £1.5 billion on existing PFI deals, and to plough much of that money straight back into frontline public services.
The announcement comes after a series of forensic investigations by Treasury experts into PFI contracts including at the Queens Hospital in Romford. Rory has been part of the PFI Rebate campaign of more than 80 MPs, from all three major parties, who have been calling for savings on the PFI.
Speaking after the announcement he said: “I am delighted by this news. Our target of £1 billion has been significantly exceeded. The Government has listened and taken our campaign very seriously. This announcement will mean real savings right here in Penrith and the Border and a real improvement in our local public services. The actions announced by the Government are deliberately cautious; they are a long-term solution to a long-term problem. This kind of detailed forensic work may not be glamorous, but it is vital if we are to clear up the economic mess left by the last Labour Government.”