Shadow education secretary David Blunkett has announced plans for a joint public/private sector partnership scheme ...
Shadow education secretary David Blunkett has announced plans for a joint public/private sector partnership scheme designed to eliminate a £3bn school repairs backlog within the life of two parliaments, The Observer reported (p3).
Mr Blunkett said the scheme, which already had outline approval from Hambros and a number of other commercial banks, would have little impact on the public sector borrowing requirement.
A capital programme of about £300m a year could be undertaken with the addition of just £30m of public funds.
Mr Blunkett believes the scheme is radically different from the private finance initiative because the private sector simply bears investment risks, without taking away operational control or ownership of assets.