CHANCELLOR PROPS-UP PFI IN LATEST LABOUR BAIL-OUT.

CHANCELLOR PROPS-UP PFI IN LATEST LABOUR BAIL-OUT. SNP Treasury spokesperson, Stewart Hosie MP, has described confirmation that the UK Government is to lend up to £2bn of taxpayers' money to prop up Private Finance Initiative projects, as a humiliating bail-out. Mr Hosie said: "Labour have bailed out the bankers, and now Alistair Darling seems set to prop-up PFI projects. ”This bail-out is a humiliation for the Chancellor, and proof positive that PFI is the economics of the madhouse. "Why is public money being used to prop up a failing system that gives such a bad return compared to traditional public procurement? "The cost of propping out Labours PFI projects will make Sir Fred Goodwin’s pension arrangements look like pocket change. ”As if any further evidence was needed, the grotesque folly of building public services through private finance is plain to see. “Alistair Darling has absolutely no financial credibility left. PFI is a millstone round the UK’s neck and he is set to add more weight to that debt millstone and burden taxpayers with even more taxes to pay for it. "Instead of sensible public investment the Labour Government has been ripped off by a credit card style con.”