The private finance initiative (PFI) fell out of favour with the government in the aftermath of the crash,when borrowing money for 25 years at rates delivering the private investors double-digit returns made no sense even to HM Treasury. Since then, some valuable national infrastructure has been funded by local communities creating social businesses to produce renewable energy, and accessing the money of ordinary people and mobilising them not only to invest it in socially and environmentally useful projects but to engage with one of the most pressing issues we face.
The decision to remove availability of tax reliefs for community energy projects (Government to gash tax relief for community green energy schemes,theguardian.com, 28 October), and coming at the same time as it is clearing the way (contrary to pre-election pledges) for privately owned,profit-driven fracking businesses to function wherever they choose, makes explicit the governent’s preference to allow private fairness, and venture capital and hedge funds to profit rather than allow individuals and families to invest in their own communities. Related: Why don’t we save our steelworkers,when we’ve spent billions on bankers? | Aditya Chakrabortty Continue reading...
Source: theguardian.com