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Obstacles to progress

Realities

PFI is part of the wider programme of privatisation and financialisation, and presented as a

means for increasing accountability and efficiency for public spending
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In October 2018, the Chancellor, Philip Hammond, announced that the UK Government would
no longer use the Private Finance Initiative. However, PFI projects will continue to operate for

some time to come.
***
By October 2007 the total capital value of PFI contracts signed throughout the UK was £68bn,
committing the British taxpayer to future spending of £215bn. “
"Private Finance Initiative" 274
Wikipedia
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“ An investigation by Professor Jean Shaoul of Manchester Business School into the
profitability of PFI deals based on accounts filed at Companies House revealed that the rate of

return for the companies on twelve large PFI Hospitals was 58%.”
"PFI Hospitals 'Hit Patient Care.'" 275
"BBC NEWS
***** ***** *****
World Bank & IMF and PRIVATISATION
“ Privatization can mean different things including moving something from the public sector

into the private sector. It is also sometimes used as a synonym for deregulation when a heavily
regulated private company or industry becomes less regulated.
Government functions and services may also be privatised (which may also be known as

"franchising" or "out-sourcing"); in this case, private entities are tasked with the implementation
of government programs or performance of government services that had previously been the

purview of state-run agencies .”
"Privatization." 276
Wikipedia

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“ Privatization has increased profitability, returns to owners and investors, economic efficiency,

and welfare and growth. But public perceptions of privatization are generally negative––and
they are getting worse.

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Why this disconnect between technical assessments and popular opinion? The reason seems

to be that technical studies focus only on shifts post-sale in operational and financial
performance at the level of the firm, subjects about which the general public knows little and

cares less. At the heart of popular criticism is a perception that privatization is fundamentally