Private Finance Initiative

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 12th June 1997.

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Photo of John McAllion John McAllion Labour, Dundee East 12:00 am, 12th June 1997

Elsewhere in Europe, public investment which creates a tangible public asset does not count against the public sector borrowing requirement total. Will my hon. Friend therefore consider bringing Britain into step with the rest of Europe by changing to that form of public accounting? Will he bear it in mind that, as the markets already acquiesce in it throughout Europe, there is no reason to suppose that they would not acquiesce in this country as well? An added advantage would be that Scottish local authorities could raise private money to invest in remedying the housing crisis which afflicts so many people in my country.