Private Finance Initiative: Difference between revisions

(One intermediate revision by one other user not shown)

Line 1:

[[Category:Legislation & Policy]] [[Category:Economics]]

A [[Private Finance Initiative]] ([[PFI]]) is a way of financing public sector projects through the private sector. PFIs alleviate the government and taxpayers of the immediate burden of coming up with the capital for these projects. Under a private finance initiative, the private company handles the up-front costs instead of the public sector<ref>[wikipedia:Private finance initiative]</ref>. The project is then leased to the public and the government authority makes annual payments to the private company. These contracts are typically given to construction firms and can last as long as 30 years or more.<ref> [https://www.investopedia.com/terms/p/privatefinanceinitiative.asp] </ref>

==Overview of PFI==

A [[Private Finance Initiative]] ([[PFI]]) is a way of financing public sector projects through the private sector. PFIs alleviate the government and taxpayers of the immediate burden of coming up with the capital for these projects. Under a private finance initiative, the private company handles the up-front costs instead of the public sector<ref>[wikipedia:Private finance initiative]</ref>. The project is then leased to the public and the government authority makes annual payments to the private company. These contracts are typically given to construction firms and can last as long as 30 years or more.<ref> [https://www.investopedia.com/terms/p/privatefinanceinitiative.asp] </ref>

Line 28:

Line 31:

| East Sussex || [[North Quay ERF (Newhaven)|Newhaven]] || [[PFI]] || Operational || 234 || [[EfW]] || Servicing [[East Sussex County Council]] and [[Brighton and Hove City Council]]

|-

| Essex || [[Courtauld Road]] || [[PFI]] || Operational<ref name="op" /> || 417 || [[MBT]] || Developed and operated by partners [[Urbaser Balfour Beatty]] servicing [[Essex County Council]] and [[Southend-on-Sea Borough Council | Southend]], ceased deliveries in June 2020<ref>https://www.letsrecycle.com/news/latest-news/judge-rules-essex-tovi-eco-park-dispute</ref>

| Essex || [[Courtauld Road]] || [[PFI]] || Operational<ref name="op" /> || 417 || [[MBT]] || Developed and operated by partners [[Urbaser Balfour Beatty]] servicing [[Essex County Council]] and [[Southend-on-Sea Borough Council | Southend]], ceased deliveries in June 2020<ref>https://www.letsrecycle.com/news/latest-news/judge-rules-essex-tovi-eco-park-dispute</ref>and to be demolished<ref>https://www.letsrecycle.com/news/essexs-tovi-eco-park-waste-facility-to-be-demolished/</ref>.

|-

| Greater Manchester || [[Longley Lane]] || [[PFI]] || Operational || 110 || [[MBT]] || [[Viridor]] [[Laing]] consortium [[PFI]] contract with [[Greater Manchester Combined Authority | GMCA]] terminated 2017, now [[Suez]] from June 2019 for 7 years

@@ Line 1: / Line 1: @@
 [[Category:Legislation & Policy]] [[Category:Economics]]
+A [[Private Finance Initiative]] ([[PFI]]) is a way of financing public sector projects through the private sector. PFIs alleviate the government and taxpayers of the immediate burden of coming up with the capital for these projects. Under a private finance initiative, the private company handles the up-front costs instead of the public sector<ref>[wikipedia:Private finance initiative]</ref>. The project is then leased to the public and the government authority makes annual payments to the private company. These contracts are typically given to construction firms and can last as long as 30 years or more.<ref> [https://www.investopedia.com/terms/p/privatefinanceinitiative.asp] </ref>
 ==Overview of PFI==
 A [[Private Finance Initiative]] ([[PFI]]) is a way of financing public sector projects through the private sector. PFIs alleviate the government and taxpayers of the immediate burden of coming up with the capital for these projects. Under a private finance initiative, the private company handles the up-front costs instead of the public sector<ref>[wikipedia:Private finance initiative]</ref>. The project is then leased to the public and the government authority makes annual payments to the private company. These contracts are typically given to construction firms and can last as long as 30 years or more.<ref> [https://www.investopedia.com/terms/p/privatefinanceinitiative.asp] </ref>
@@ Line 28: / Line 31: @@
 | East Sussex || [[North Quay ERF (Newhaven)|Newhaven]] || [[PFI]] || Operational || 234 || [[EfW]] || Servicing [[East Sussex County Council]] and [[Brighton and Hove City Council]]
 |-
-| Essex || [[Courtauld Road]] || [[PFI]] || Operational<ref name="op" /> || 417 || [[MBT]] || Developed and operated by partners [[Urbaser Balfour Beatty]] servicing [[Essex County Council]] and [[Southend-on-Sea Borough Council | Southend]], ceased deliveries in June 2020<ref>https://www.letsrecycle.com/news/latest-news/judge-rules-essex-tovi-eco-park-dispute</ref>
+| Essex || [[Courtauld Road]] || [[PFI]] || Operational<ref name="op" /> || 417 || [[MBT]] || Developed and operated by partners [[Urbaser Balfour Beatty]] servicing [[Essex County Council]] and [[Southend-on-Sea Borough Council | Southend]], ceased deliveries in June 2020<ref>https://www.letsrecycle.com/news/latest-news/judge-rules-essex-tovi-eco-park-dispute</ref>and to be demolished<ref>https://www.letsrecycle.com/news/essexs-tovi-eco-park-waste-facility-to-be-demolished/</ref>.
 |-
 | Greater Manchester || [[Longley Lane]] || [[PFI]] || Operational || 110 || [[MBT]] || [[Viridor]] [[Laing]] consortium [[PFI]] contract with [[Greater Manchester Combined Authority | GMCA]] terminated 2017, now [[Suez]] from June 2019 for 7 years