Cauliflowerbalti
That is what the Tory party has done. Borrowed more.
The narrative that Labour are feckless spendhappies and the Tory party is parsimonious and responsible is a lie.
The Labour party borrowed so much that the Conservatives are having to borrow to meet spending commitments that they inherited. There is a school in Speke, which was built under Labours PIF, which costs £12000 PER DAY even though it was closed by Ofsted in 2013 as it was failing its pupils. That's over £4m per year for an empty building, for the next goodness knows how long.
From the Livepool Echo...
Labour ’s Mayor Anderson hit out at the Lib Dems who signed the PFI contract when they ran Liverpool council .
He said: “The number of pupils was too low and it couldn’t be maintained.
“The PFI deal is a millstone round my neck. I have to set aside £4.3m a year that could be spent on providing services.”
The council has tried to find other organisations to move into the empty building but so far there has been no interest.
It would cost £25m as a lump sum to buy out of the PFI deal, according to Mayor Anderson – an amount the council simply does not have.
He continued: “This is the Lib Dems’ £100m legacy. The rate of interest is just massive.
“It’s going to cost us £100m for a building that’s just lying empty.”
Cllr Richard Kemp , leader of Liverpool’s Lib Dem group, hit back at the mayor, saying PFI deals were encouraged by the Labour government of the day.
He said: “The Labour government’s Building Schools for the Future programme largely employed PFI as a funding mechanism.
“In Liverpool a number of schools and other buildings were built using PFI.
“The decision to fund Parklands through PFI was supported by every member of the council and it was Labour’s funding mechanism that got us into this mess.”