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Budget 2018: Hammond puts an end to PFI contracts

Budget briefcase illustrationChancellor Philip Hammond has said he will end the era of private finance initiatives by the government.

Releasing his Budget today, the Chancellor said that there was insufficient evidence PFIs – where private firms compete to act as contractors on government – had worked.

He claimed that 90 per cent had been signed under previous Labour governments and that while he would not terminate them early, the government would not add to the current stock of contracts.

He said: “I have never signed a PFI contract as chancellor, and I never will.”

Labour had called for existing PFIs to be discontinued, after scandals like Carillion had been criticised over how they handled government contracts, which have been used across areas like hospitals, schools and roads.

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