Mather hammers Labour’s £1bn a year ‘legacy of debt’ from PPP finance schemes

Sir George Mathewson, former Chair of the Royal Bank of Scotland, speaking at the Scottish Parliament’s Economy Committee, has described Labour’s preferred capital financing system as ‘dishonest and expensive’.

This is his considered and informed judgment on Private Pubic Partnership (PPP) and Private Finance Initiative (PFI) schemes. This was part of of his evidence given to the Scottish Parliament’s Finance Committee just before the recess.

Jim Mather, Argyll’s MSP and Minister for Enterprise Energy and Tourism, says: ‘George Matthewson has a wealth of experience in the world of finance and his comments reveal just how badly Labour got it wrong with their preferred financing regime of public private partnerships (PPP).

‘They have left a legacy of debt for future generations to pick up and the present administration is right to seek to bring in fiscally responsible alternatives.

‘Labour’s failed financing regime has already left Scotland with a burden of ridiculously high repayments due to be paid over many years – set to reach as much as £1billion a year – that will be a burden on future generations.

‘In contrast it is the SNP which is building schools and hospitals with a proper investment system, not the mortgage scheme Labour supports.

‘As the most recent unemployment figures show it is the SNP Government which has the right approach to improving Scotland’s economy whilst the London Labour government’s policies leave the UK lagging behind’.