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Pump-Priming the PFI: Why are Privately Financed Hospital Schemes Being Subsidized?

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  • Declan Gaffney
  • Allyson M. Pollock

Abstract

The authors explain how the Private Finance Initiative (PFI) has raised the costs of infrastructure development in the health service. They demonstrate that the assumption that higher capital costs would be offset by savings resulting from the involvement of the private sector is wrong—rather, NHS trusts and health authorities have been obliged to make savings on other budgets in order to make the high costs of investment affordable. There is no reason to believe that these problems will disappear as the volume of PFI investment increases.

Suggested Citation

  • Declan Gaffney & Allyson M. Pollock, 1999. "Pump-Priming the PFI: Why are Privately Financed Hospital Schemes Being Subsidized?," Public Money & Management, Taylor & Francis Journals, vol. 19(1), pages 55-62, January.
    • Handle: RePEc:taf:pubmmg:v:19:y:1999:i:1:p:55-62
    DOI: 10.1111/1467-9302.00153
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    Cited by:

    1. Diane Dawson, 2001. "The private finance initiative: a public finance illusion?," Health Economics, John Wiley & Sons, Ltd., vol. 10(6), pages 479-486, September.
    2. Office of Health Economics, 2001. "The Economics of the Private Finance Initiative in the NHS," Monograph 000470, Office of Health Economics.
    3. Rodney P. Jones, 2023. "Addressing the Knowledge Deficit in Hospital Bed Planning and Defining an Optimum Region for the Number of Different Types of Hospital Beds in an Effective Health Care System," IJERPH, MDPI, vol. 20(24), pages 1, December.
    4. Salvatore Russo, 2013. "The swing of public-private partnership in the Italian hospitals. A comparative analysis of two case studies," Working Papers 21, Department of Management, Università Ca' Foscari Venezia.
    5. Toms, Steven & Beck, Matthias & Asenova, Darinka, 2011. "Accounting, regulation and profitability: The case of PFI hospital refinancing," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 22(7), pages 668-681.

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