Budget 2018: Chancellor abolishes PFI for future projects

The government will not enter into further Private Finance Initiative projects, but will honour those underway, the chancellor announced in the Budget.

Philip Hammond said 90% of them were signed by the Blair-Brown government, and ending them would be “putting another legacy of Labour behind us”.

Labour’s policy is to bring existing PFI contracts “back in-house” and sign no new agreements.

BBC Budget live page: updates in text, images and video

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