End PFI – start a National Infrastructure Company
Common Weal supports an alternative to the private finance model for funding the building of public projects in Scotland. It proposes a public-led model based on a Scottish National Investment Bank and Scottish National Investment Company.
The legacy of PFI has cost and will continue to cost Scotland tens of billions of pounds and has led to much of Scotland's public infrastructure construction being overseen by private companies who then charge the public purse well over the odds for the finished assets. These companies have also been shown to by far riskier than other forms of infrastructure supply and major collapses of procurement companies like Carillion have jepordised thousands of jobs.
A Scottish National Infrastructure Company would work with the Scottish National Investment Bank to provide sustainably financed, locally procured infrastructure that would remain in public hands throughout. By focusing on sustainability and longevitiy rather than profit margins, the final constructions would save money in the long run.
Finally, the Scottish National Infrastructure Company would act as a centre of excellence to provide training and guidance to enable companies involved in the supply chain to be able to provide the materials and skills required to successfully bid for public contracts.
The Scottish National Infrastructure Company can leave a legacy of world-class public facilities for us and generations to come.