With the collapse of Carillion, a British multinational facilities management and construction services company, the massive downside to the many so-called ‘private finance initiatives' is becoming apparent. As these private contractors borrow at much, much higher rates than the government can, there is no way in which they can ever deliver value other than to produce shoddy services and projects. The data and numbers, however, are hard to come by due to the corporate confidentiality afforded these sweetheart PFI contractors. Double Down talks to Dr. Youssef El-Gingihy, author of "How to Dismantle the NHS in 10 Easy Steps," who has written a piece for the Independent titled, "The great PFI heist: The real story of how Britain's economy has been left high and dry by a doomed economic philosophy." Dr. El-Gingihy outlines the outrageous costs and the likely unraveling of many of these hugely expensive deals.
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