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Labour party urged to honour its PFI promise
00:00 30 Apr 1997
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National law firm Eversheds has called upon the Labour party to
honour its pledge to kick-start the faltering Private Finance
Initiative if it wins the election tomorrow.
The firm said that the PFI needs rescuing from the current Government's retrenchment of public finance and complex regulations. It said that the initiative must form a main plank of a Labour Government's programme for revitalisation of the construction sector.
Eversheds points out that the current Government's record on PFI has been poor with fewer than expected deals going through and that a new government would be expected to remedy the situation.
But construction lawyer at Eversheds, Richard Ward, said that while Labour's promise to reinvigorate PFI is good news, the party's lack of concentration in its manifesto on general construction issues, is disappointing.
The firm points out that UK investment in construction as a proportion of GDP has dropped from 10 to eight per cent since 1990, compared to a European average of 12 per cent.
The firm said that the PFI needs rescuing from the current Government's retrenchment of public finance and complex regulations. It said that the initiative must form a main plank of a Labour Government's programme for revitalisation of the construction sector.
Eversheds points out that the current Government's record on PFI has been poor with fewer than expected deals going through and that a new government would be expected to remedy the situation.
But construction lawyer at Eversheds, Richard Ward, said that while Labour's promise to reinvigorate PFI is good news, the party's lack of concentration in its manifesto on general construction issues, is disappointing.
The firm points out that UK investment in construction as a proportion of GDP has dropped from 10 to eight per cent since 1990, compared to a European average of 12 per cent.
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