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Labour Plans to Nationalize U.K. Public-Private Contracts
There are 716 projects where public services and infrastructure are funded by private investment
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The Labour Party plans to return U.K. Private Finance Initiative contracts to the public sector if it comes to power -- bringing them “back in-house,” in the words of Shadow Chancellor John McDonnell. The details are unclear, but the potential cost runs to tens of billions of pounds. The Treasury calculates there were 716 such projects with a capital value of 60 billion pounds ($80 billion) last year, and a House of Commons research paper in 2015 put the outstanding amount owed to private companies for financing, building and maintaining things such as schools, hospitals and roads at more than 200 billion pounds.