13 September 2019
This week, IPPR revealed the shocking cost of PFI contracts in the NHS. In total, by the time all these contracts are paid off, the NHS will have spent a staggering £80 billion, in return for just £13 billion of initial investment. The waste is appalling.
We could spend that money on doctors and nurses salaries, or on improving treatments, or making sure young mental health inpatients don’t have to stay in hospitals hundreds of miles away from their family and friends because of a lack of beds.
But this is just part of the story. Privatisation of ALL of our public services is a costly waste, and has to stop. It’s OUR taxes and OUR bills that get wasted on shareholder profits, extra admin costs, and higher interest rates on borrowed money.
We sat down to figure out just how much privatisation is costing us every week:
Rail - £1 billion a year or £19 million a week
Buses - £506 million a year or £9.7 million a week
Water - £2.3 billion a year or £44 million a week
Energy - £3.2 billion a year or £61 million a week
NHS - £6.65 billion a year or £128 million a week*.
(*The cost of maintaining the internal market is (at a very conservative estimate) £4.5 billion a year or £86 million a week. Add that to £2.15 billion a year in 2020-2021 on PFI contracts, and all together, the NHS is wasting £6.65 billion at a minimum every year - or £128 million a week. We need to end privatisation in our NHS as soon as possible to end this waste, especially with trade deals on the horizon. Take action here.)
Let’s add that up.
What a shocking waste. Imagine how much better our public services could be with that money.
Bringing our services into public ownership is a good investment - it will pay for itself. We need to bring our services into public ownership as soon as possible, including these wasteful PFI deals so that we can cut out the middle man - which will pay for itself in two years!
Make sure your friends know what a rip-off privatisation is, and how much of a great deal public ownership will be - share this blog on facebook and twitter.
Let's stop wasting our money on privatisation!