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SNP reveals replacement for PFI

The Scottish National Party has unveiled details of its alternative to Private Finance Initiative contracts.

A consultation was launched today to look at proposals to replace PFI contracts in Scotland with a 'Scottish Futures Trust'.

The SFT model is based on establishing a company that can provide private finance to the public sector to deliver projects, recycling any profits it makes to allow further investment.

The company itself would be in the private sector but would be structured to have a strong public interest ethos, according to the consultation paper.

It will obtain its funding through bonds and other financial structures at cheaper rates than currently possible under PFI.

Where new facilities such as schools and hospitals are required, the SFT would design, build, finance, operate and own them.

Itr would also act as a centre of expertise to provide advice to help public sector organisations in Scotland deliver their projects.

Further details can be found in the consultation document click here. Responses are due in by 14 March 2008