Labour Leadership Candidate Jeremy Corbyn MP vows to recommit Labour to a publicly funded NHS. And if he wins the general election in 2020 he pledges to eradicate Private Finance Initiative (PFI) funding from the health service.
He believes New Labour should not have been too petrified to make the argument for conventional borrowing. And he has long supported the calls of health unions who have called for a moratorium on PFI.
“PFI is like buying your house on a credit card,” says Jeremy. “Patients are paying the price, with services and staff cut so that PFI debt repayments can be made.
“This is not the NHS that Nye Bevan built,” says Jeremy, who will also ensure that Labour in opposition under his leadership will campaign for a fund to be set up to bail out NHS trusts from PFI which will save an estimated £14 million over the next 23 years.
- In the last parliament, whilst waiting lists grew NHS trusts were given a £1.5 billion bailout to fund PFI repayments
- Two-thirds of NHS trusts in deficit have PFI debts.
- Figures from the Unite union show 15 NHS trusts spend over 5% of their annual budget on PFI financing, while five spend over 10%.
“The PFI debacle also has lessons for how our party functions. I am standing to be elected as our leader, not a dictator.
“If the leadership can’t win a debate, then we should show true leadership, and implement the democratic will of our party. If that had been the case,and our party had listened to the passionate speeches from healthcare workers from the frontline, then we could have averted the PFI disaster that is harming our NHS.
“Under my leadership we will rebuild it together.”