PFI at 30: it's hard to say anything positive about this deeply flawed financing model

By Salman Ahmad, Lecturer in Accounting, Aston University
Ciaran Connolly, Professsor of Accounting, Queen's University Belfast
istemi demirag, Professor of Accounting, Tallinn University of Technology

It was Norman Lamont who first announced a new way of paying for public buildings and infrastructure in November 1992. In a speech to the House of Commons, the then chancellor of the exchequer said he was looking to encourage more private financing for such projects.

Speaking only a few weeks after the government had been rocked by Black…

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