[12] In 2007, the Audit Commission's "Review of the NHS financial year 2006/07" reported that the trust was delivering the best financial management of any NHS Trust in the country[13], In 2006, the Public Accounts Committee released report into the PFI refinancing conducted by the private Octagon Healthcare consortium, of which Innisfree Ltd owns a quarter, involved in building the Norfolk and Norwich University Hospital of "lining investors' pockets" and putting the trust at increased financial risk. The way to do this is for all health workers to demand that their unions stop all the job and bed cuts and the ward and hospital closures with industrial action to bring down the Blair government, the sponsor and protector of the PFI and private sector bandits. She has previously held roles in the property industry. I was against it in principle,' he said. The Trust told senior doctors, "We would like you to know that the trust will support you in making difficult decisions that may be the least unsafe decision, and we would appreciate your cooperation over the coming days with this". Want to bookmark your favourite articles and stories to read or reference later? Dyer currently serves as a director of Liquidity Services and the Grameen Foundation. Mr Prices post has had 3,500 shares and more than 500 comments, mainly insulting the Blairs. It was a persuasive argument which seduced many. Chairman of Imperial College Healthcare Sir Richard Sykes has previously pointed out that Barts Health is paying over 100m in interest a year before they see a single patient. Nick joined PFI in 2018 as a Senior Analyst and was promoted to Financial Planning & Analysis Manager in 2020. She previously served as a director of Providence Health from 2019-2021, Noora Health from 2018-2021, YWCA of Nashville and Middle Tennessee from 2016-2022, and CARE from 2001-2013. . Screens provide live information about how many cases are being handled and the current status of the A&E department. The hospital is forecast to run a 32m deficit this year and must find savings of at least 22m by March 2017. 1. The London Underground public-private partnership saw the bankruptcy of private company Metronet, with the Government forced to step in and bring the upgrade back into public hands. . Sav graduated from the University of Auckland with a conjoint degree in Commerce and Property. Ewan joined PFI as Asset/Development Manager in 2015and was promoted to Portfolio Manager in 2020. There are currently over 700 PFI contracts and the bulk will start to expire from 2025. District I (Northwest): Ken Wise, 3S66 28oth St., Lytton, lA 50561-7574. (712) 466-2473. das Americas, 3.434 - Gr. Prior to joining PFI, Tom spent time working in various Analyst roles at Turners Group and Heartland Bank; most recently coming from a gap year working in Japan. Similar schemes across London and the country have been plagued with controversy. Golf Clients . It promotes hate, damages peoples health, and hurts democracy. All 100% Facts = Google them.. Before joining PFI, she worked with the MacArthur Foundation as Country Director where she was responsible for the Foundation's grants in India. The hospital's hands are closely bound when it comes to making 22m of cuts this financial year and getting closer to budget. Octagon were required to design, construct, operate and finance Norfolk and Norwich University Hospital and to provide facilities management services. Haringey Councils public-private partnership with construction and property giant Lendlease appears on the brink of collapse after Labours National Executive Committee intervened. The past month has seen the demise of construction giant Carillion followed by the collapse of Capitas market value: both firms having built huge empires by providing outsourced services to public authorities. On 11 January 1998, Prime Minister Tony Blair announced the go-ahead for the construction of a 214 million, 809 bed, new hospital in a broadcast from Tokyo on the BBC's Breakfast with Frost show. [16] In 2006 an outbreak of a community-acquired infection Methicillin-resistant Staphylococcus Aureus on the neonatal intensive care unit at the hospital, resulted in five babies carrying the organism and possibly contributing to the death of one baby. because Tony and Cherie Blair are not directors of Octagon Healthcare. The fees paid by the Trust are partly rent for the buildings, interest on its loan and partly fees for services such as cleaning, maintenance and gardening. Ethical Sales and Marketing Jesus Soriano, Program Director, pfi@nsf.gov, (703) 292-7795 Katie Bratlie, Program Director, pfi@nsf.gov, (703) 292-2638 Samir Iqbal, Program Director, pfi@nsf.gov, (703) 292-7529 Sincerely, Erwin Gianchandani Assistant Director Directorate for Technology, Innovation, and Partnerships REFERENCES 1 https://www.nature.com/articles/d41586-021-03045-w As a result, only specific contractors are allowed to change or fix certain equipment or fittings, such as a plug socket or a light bulb. All directors are appointed by shareholders at PFI's annual meeting. Various executives from big banks appeared on secondment. Greg is also director of Reidy & Co Limited. Samantha joined PFI as Systems & Reporting Manager in 2022. This material is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of . Sure enough, there is some evidence of the tide turning. He said he did not get a glimpse of the PFI deal in the late 1990s before the hospital was built. All 100%. However this plays out, it looks like the stage is set for the final act of the PFI story. It means a private sector consortium, Octagon, builds and maintains the hospital and then leases it back to the NHS at the cost of tens of millions of pounds a year to the taxpayer. That 20m would pay the wages of 800 nurses, or 200 GPs. Of course, it can not police every post, it is up to us the user to take care of what we believe. 'The whole PFI programme was massively ill-judged,' he said. Nirali joined PFI as Assistant Accountant in 2016. Total UK PFI debt for the taxpayer is over 300bn for infrastructure projects with a value of 54.7bn. Its chief executive, Alan Birch, has previousy defended PFIs. It is Rented to the NHS by a private company called PFI Octagon at a cost of over 50 million a year until 2037.Guess who two of the Company Directors are = Tony and Cherie Blair !. Campaigners argue that with such an unedifying track record, major corporate and financial interests should not be entrusted with hospitals and schools. Banking leviathan HSBC also has a stake in PFI hospitals. Director - PFI Advisory. [22], In December 2019 the hospital was unable to provide a safe service for patients. Amy Keller, Director of JOOI 4494 Lindell Blvd. Octagon is simply fulfilling a contract which was agreed to by the hospital, but concerns have been raised about how much money it is getting. Board of Directors; Open Architecture; Collective Intelligence; Corporate Governance; Supplier Management; Menu Search. The earliest post I could find was from May 4 at 6pm from someone called Bob Hunt who mainly posts about Brexit and Muslims on his page. If you wanted to keep it simple then the PFI debt would cover the entire NHS budget for over 2 years. [14] The Consortium lengthened the NHS's repayment term from 34 to 39 years, but raising their own rate of return from 16 to 60 per cent. contact IPSO here, 2001-2023. Many PFI contracts came with strings attached, facilities maintenance often subcontracted on a long-term basis as part of the deal. The way out of the PFI crisis for the government and the management of the Norfolk and Norwich is to attack the workforce and to attack patient care. Tom Bristow, a journalist with the Eastern Daily Press who has written stories critical of the results of the PFI deal, also wrote earlier this year about how the claim that the Blairs are directors of Octagon is false. Applied research towards commercialization. 'When it was first proposed, Frank Dobson (the then health secretary) told us it was signed, sealed, delivered. 508/Bl. But when the financial crisis was followed by the diktats of austerity, PFI began to unravel. Meanwhile, Innisfree chief executive David Metter takes home millions in pay and dividends each year. Director since 2001, last re-elected June 2020. It is true that a new hospital, The Norfolk and Norwich University Hospital (NNUH), was funded using a private finance initiative (PFI) and was announced by Mr Blair on 11th January 1998although the hospital trust first invited expressions of interest from private companies to build and finance the hospital as early as 1995, before Mr Blair was prime minister. It is one of the largest hospitals in the United Kingdom in terms of in-patient capacity. Corporate and commercial. This set of two directors' chairs has six fresh colors of water-resistant fabric, stretched over an earthy, dark teak wood frame. Event Calendar; PFI Annual Conference. Bad information ruins lives. The hospital won the Building Better Healthcare Award[5] for Best Designed Hospital in September 2002. RBS was the biggest bank in the world by assets when it failed in 2008. Sir Howard Davies, chairman of the Royal Bank of Scotland (RBS), recently made an astonishing admission on BBC1s Question Time when he stated that private finance initiatives (PFI) had been a fraud on the people. Carolyn has a background in investment management, capital markets and mergers and acquisitions, having spent six years as a portfolio manager at the Guardians of New Zealand Superannuation, and ten years prior to that in investment banking at Forsyth Barr and First NZ Capital / Credit Suisse. Picture: Archant, about how the deal to build the Norfolk and Norwich Hospital (NNUH) has financially crippled it. Director Risk (OSHEQ) & PFI SPC Executive Mar 2000 - Dec 201515 years 10 months Home Based (Oxfordshire) & Leicester Head Office. What you will be doing. "The PFI would like to congratulate Tracey Forfa on being named the new director of the FDA's CVM," said Dana Brooks, president and chief executive officer of PFI. He said: 'I think a further formal request should be made along the lines: 'You have benefitted massively from this flawed deal. The entire London Chest hospital has been sold off and will be replaced with a housing development. Mohammed bin Salman, Crown Prince and Chairman of the Neom Company Board of Directors this week . South London Healthcare Trust became the first NHS trust to go bust in the summer of 2012, having found itself on the hook for huge PFI costs. Rodrigo joined PFI as Asset Manager in 2020 and was promoted to Asset and Development Manager is 2022. The Norfolk and Norwich University Hospital is in the worst financial state in its history and yet continues to face a huge bill to the firm which built it. 06975984) limited by guarantee and registered in England and Wales. Do you have a story for the investigation unit? To get that the trust had to accept liability for all of the extra 106 million that was borrowed. The hospital is currently in the worst financial state in its history. Those ads you do see are predominantly from local businesses promoting local services. Edward Leigh, chairman of the committee, describes the deal as the 'unacceptable face of capitalism'. A quick search on Google will tell you who the directors and shareholders of the company, Octagon Healthcare Group, are. Our multi-disciplinary team comes from a variety of backgrounds and has expertise that stretch across many sectors, enabling us to provide intelligent, joined-up thinking. Barts Health eventually ran into financial dire straits and was put into special measures by the Care Quality Commission in 2015. It is to be pay cuts, ultra flexibility, and out of hours unpaid overtime, plus sending patients home early, plus compulsory redundancies. Mr Gibson added the multi-million pound dividends to Octagon's three shareholders were not a surprise. Do Rishi Sunaks claims about hospital discharge funding stack up? The level of subsequent potential risks and costs borne by the public sector was thought by some critics of the deal to be unacceptably high. Focused on multidisciplinary, multi-organizational teams. District 2 (North Central): Mark Tjelmeland, Innisfree a fund management company in the City of London is amongst the biggest players in the PFI market. 'Otherwise you are stuck with it for years and years.' Prior to this,Simon was General Manager of PFI from mid-2013, and prior to that, General Manager of Direct Property Fund (DPF) before PFI's merger with (DPF) in 2013, having joined McDougall Reidy & Co Limited as Development Manager in 2005. As a result of money released from the refinancing, Octagon paid out 11 million in dividends to its shareholders. The text on the post reads: Tony Blair announced the building of the new Norfolk & Norwich Hospital on 11/1/1998. My comment telling them theyve got it wrong, will be lost amid the 500 comments and anyway it is too late. The trust has announced they it may have to lose 450 jobs this year. Posted: January 11, 2023. But at the current rate of payment it would take more than 60 years to clear the debt. As reported in Saturday's EDP, it has had to put expansion plans to its A&E on hold because of a lack of cash. John Appleby, chief economist at the Nuffield Trust, a health charity, told the BBC's World At One that the total cost of buying out all the PFI contracts in the NHS alone could be well over. 'A significant proportion of the Trust's expenditure is relatively fixed through PFI costs and mandated staffing levels. The Octagon was a suitable home for a president. The Blairs are not and have never been directors of Octagon Healthcare, the company responsible for the PFI. If your agency is in need of additional manpower and you cannot handle it in-house (current employees, overtime, or temp/term appointments) and contractors are too expensive or take too long to setup, then PFI may be a great alternative. Pamela works closely with the Property team and other members of the Finance team of PFI. He was until recently a member of Buddle Findlay's board for seven years. Shalini works closely with the rest of the finance team, with a particular focus on Accounts Payable. The NHS is on its knees. Among the comments were links to the EDPs article about the PFI deal from 2016, which explains why it is being read again. When hospitals are so full that there are no intensive care beds, no hospital beds at all, and essential operations are being cancelled because there's simply no one to do the surgery, then every option carries undue risk".[23]. One recurring theme in all this and in many of the financial scandals following the 2007-08 crash has been the clean bill of health given by auditors to firms that subsequently found themselves in trouble. Pamela joined PFI as Finance Manager in 2020. (712) 458-2001. Proof-of-concept demonstrations, prototypes. The News Line is our daily paper. Jesus Soriano, Program Director, pfi@nsf.gov; (703) 292-7795 Katie Bratlie, Program Director, pfi@nsf.gov; (703) 292-2638 Samir Iqbal, Program Director, pfi@nsf.gov; (703) 292-7035 For questions, please refer to the cognizant PFI Program Directors listed above. The executive team reports to the board of directors and is responsible for all investment, property and administration management functions. Picture: Archant (Image: Archant 2018). Innisfree paid 5.8m to its eight directors in 2015, including 3.2m to one unnamed director, according to its financial report. David advises a wide range of New Zealand and international businesses and significant public-sector clients including Panuku Development Auckland, The University of Auckland, Victoria University of Wellington Te Herenga Waka, and Museum of New Zealand Te Papa Tongarewa. Prior to joining PFI, Savanna worked as a commercial property manager looking after diverse range of industrial, retail and office properties. This is not some exceptional example of the unacceptable face of capitalism. Tony and Cherie Blair are directors at a company involved in the PFI that funded Norfolk and Norwich University Hospital, which continues to receive rent from the NHS for use of the hospital. Then, two people got in touch to ask me if it was true Tony Blair is making millions of pounds from that deal. Director, PFI and PVC (since 2023) Trustee, PDSRA and PETF (since 2023) . Powerlinebd.com 01760002011 Power Line. Total Quantity or Scope. There have been 47 refinancings of hospital, school and other PFI projects up to the end of the last financial year. Inside, the first impression is that it is state of the art. Tony and Cherie Blair are directors at a company involved in the PFI that funded Norfolk and Norwich University Hospital, which continues to receive rent from the NHS for use of the hospital. It later transpired that the process of bringing in PFI had not exactly been transparent. Neom is a project aiming to construct a huge new smart city on the Red Sea coast in the northwestern Saudi province of Tabuk. The project was the first large PFI hospital scheme in the NHS. Innisfree has made a fortune by investing in PFIs across the UK. Octagon has paid almost 26m in dividends to its three shareholders since 2009; The profits made by Octagon from the hospital are labelled a 'disgrace' by one former health minister; Octagon was paid 42.5m last year by the N&N up from 29m in 2010, as the busier the hospital gets, the more money Octagon is paid; One Norwich MP describes the PFI as 'the worst credit card deal on the comparison site'; Norman Lamb, North Norfolk MP. Carolyn previously served on the boards of Tuatahi First Fibre, Metlifecare and Datacom. Prior to joining PFI, she has worked in roles starting from PwC through to various commercial sector roles. Inevitably, this raises pressing questions as to what kind of resolution might emerge when there are so many entangled vested interests. Whats more, PFI payments have been indexed higher with each successive year regardless of a hospitals revenue. Registered in England & Wales | 01676637 |. Jodie previously held roles in valuation, commercial and shopping centre management. David is a senior partner at law firm Buddle Findlay, where he runs a broad corporate and commercial law practice, with particular expertise in mergers and acquisitions, joint ventures and corporate structuring. As Alan Milburn the former Labour Health Secretary described by Private Eye as an almost maniacal convert to PFI put it: Its PFI or bust.. Guess who two of the Company Directors are = Tony and Cherie Blair ! Nirali is currently on maternity leave until September 2023. How to Dismantle the NHS in 10 Easy Steps by Youssef El-Gingihy is published by Zero Books, Join thought-provoking conversations, follow other Independent readers and see their replies. To make matters worse for the hospital, the busier it gets, the more it has to pay Octagon and demand on it has soared. Do Rishi Sunaks claims about hospital discharge funding stack up? As a subscriber, you are shown 80% less display advertising when reading our articles. Browse and apply for the Consulting jobs at Arcadis Guess who two of the Company Directors are = Tony and Cherie Blair ! 2004: Association of Chartered Certified Accountants estimates total cost to NHS of N&N at more than 1 billion, around five times the initial cost of building it. It seemed too good to be true yet those who dared to question the orthodoxy du jour were swatted away. Prior to joining PFI, Kieran has held several Senior Facilities Manager roles in the commercial, industrial and retail industry. Kam is a graduate of the University of the South Pacific and completed a Bachelor of Arts majoring in Accounting and Financial Management, Management and Public Administration and is an Associate Chartered Accountant. The unacceptable face of capitalism. September 2003 National cancer director Professor Mike Richards formally opened the 20 million Colney Centre for Oncology and Haematology patients at the Norfolk and Norwich University Hospital. Director - PFI Advisory Aldwych Consulting Ltd London, England,. More. Director of Thomson Reuters from 2012 until 2020. Photo: Stefan Rousseau/PA Wire, Chief executive and founder of Innisfree David Metter which is the joint biggest shareholder in Octagon. If you are dissatisfied with the response provided you can Long-time critic of PFI Professor Pollock argues that these mergers will be followed by the final wave of closures in the run-up to privatisation and franchising out. This page was last edited on 9 February 2023, at 11:41. One man even threatened to kill the Blairs because of this untrue post. For PFI to be comparable, it should be capable of subsequent validation by comparison with outcomes in the form of historical nancial information. 2023 PFI Annual Conference; 2022 PFI Annual Conference; 2021 PFI Annual Conference; 2020 VirtuallyPFI Online Conference; 2019 PFI Annual Conference Photos Member of the Board of Trustees of the Brookings Institution. As researcher and campaigner Joel Benjamin of The People vs PFI (full declaration: I have made Joels acquaintance in recent years) has written: Politicians did not simply wake up one morning and declare that banks should finance and own schools and hospitals, off-balance-sheet, via offshore tax havens, they were lobbied by City interests, prior to the implementation of PFI.. Its restructuring entailed redundancies for hundreds of staff and down-banding of others. Ian Gibson, who was Norwich North MP at the time the hospital was built in 2001, went a step further 'I just wouldn't pay it,' he said. contact the editor here. PFI stands for Private Finance Initiative and was heavily used by the last Labour government to build facilities for the public sector, including schools and hospitals, while keeping the cost of those projects off the government's balance sheet. Greg has a background in property investment, funds management and development with more than 25 years experience in the management, ownership and development of industrial, commercial, build to rent residential and retail property. Bhd. Development, Design & Hosting by: Norfolk & Norwich NHS Trust screwed by the PFI bandits, FANTASTIC SUPPORT for day one of work & pensions strike action, We had expected presidential statements to be supportive of the government says Palestinian government spokesman, Sunak deal dumps Brexit now is time for working class to dump the Tories and bring in a workers government and socialism, Israeli worthless promise to de-escalate violence against Palestinians immediately followed by murderous settler attack. Craig is a graduate of Auckland University and is a Chartered Accountant, having trained as an auditor at PwC. Poonam Muttreja is the executive director of the Population Foundation of India. The finance director will support the finance department's growth and day-to-day activities by: A report to the N&N's board warns it may struggle to find savings. It is important that we continue to promote these adverts as our local businesses need as much support as possible during these challenging times. Press Association corrects error in reporting on research for prostate cancer test. Those ads you do see are predominantly from local businesses promoting local services. Our verdict The hospital was built using a PFI. Another 7.2m, does not appear in the trust's accounts but the hospital said it is paid as an addition to the 'life cycle maintenance' of the PFI. The hospital estimates the deal is costing it an extra 20m a year than a non-PFI deal. We will endeavour to minimise these through other measures to reduce pay costs such as those set out above.. David was raised in Christchurch, where he completed commerce and law degrees at the University of Canterbury. Associate Director of Estates new Lewisham and Greenwich NHS Trust 3.7 London SE13 . One of Innisfrees flagship projects is the largest PFI hospital scheme located at Barts Health NHS Trust in East London. Intriguingly, PFI hospitals have been designed with significant numbers of individual rooms as opposed to conventional wards. However, we observed that some improvements were needed". Carolyn recently joined PFIs Board in August 2022. So why do they think this? [17], The hospital was placed on black alert in November 2007 when it ran out of beds for a time. These have seen rates of return, double, treble and even quadruple. Norfolk and Norwich University Hospitals NHS Foundation Trust Arthur South Day Procedure Unit entrance Collectively our team has over 120 years of property experience, andthe key individuals have extensive experience in the ownership, management and development of industrial property. Listed on 2023-02-23. 'This is what it was all about at the beginning,' he said. The Norfolk and Norwich University Hospital was built under the Private Finance Initiative (PFI), and opened in late 2001: it has 1237 acute beds and offers a wide range of NHS acute health services plus private patient facilities. The PFI director mentors National Guard or Reserve Service Members in the program to . [4] In 2004, the Association of Chartered Certified Accountants assessed the actual costs at 1.16 billion, or around five times the initial cost of 229 million. And that right was only obtained by taking on huge extra potential liabilities. The total bill for NHS PFI hospitals is ultimately projected to rise above 79bn, way in excess of original build costs of 11.4bn. It was paid 42.5m last year by the N&N up from 29m in 2010. Quote Tweet. But before you get angry about something youve seen on Facebook, before you share or comment, please take a moment and check it out from a verified news site. That includes 20.7m in operating expenses and 29m in non-operating expenses the lease, interest and financing the debt to Octagon. Manager in 2022 to promote these adverts as our local businesses promoting local services Gibson added multi-million! 20.7M in operating expenses and 29m in 2010 is too late are stuck with it for years years! In dividends to Octagon with construction and property giant Lendlease appears on brink... About how many cases are being handled and the Grameen Foundation this plays out, is! Post has had 3,500 shares and more than 500 comments and anyway it is of! In valuation, commercial and shopping centre management will tell you who the directors and shareholders of the Company for! Be lost amid the 500 comments and anyway it is too late the tide turning financing! Exactly been transparent including 3.2m to one unnamed director, according to its eight directors in.... Construct a huge new smart city on the post reads: Tony Blair announced the Building of the.... London and the bulk will start to expire from 2025 of Buddle Findlay 's board for years... Rousseau/Pa Wire, chief executive and founder of Innisfree David Metter takes home in. Quality Commission in 2015, including 3.2m to one unnamed director, PFI to... Google will tell you who the directors and shareholders of the Population Foundation of.! Of subsequent validation by comparison with outcomes in the northwestern Saudi province Tabuk. A Senior Analyst and was put into special measures by the N & N up from in... And founder of Innisfree David Metter which is the largest hospitals in world... Founder of Innisfree David Metter takes home millions in pay and dividends each year new smart city on the of!, Kieran has held several Senior facilities Manager roles in the program to state the... Important that we continue to promote these adverts as our local businesses need as support... Northwest ): Ken Wise, 3S66 28oth St., Lytton, lA 50561-7574 savings... November 2007 when it comes to making 22m of cuts this financial year the Building Better Award! Multi-Million pound dividends to Octagon 22m by March 2017 swatted away UK PFI debt the. Construct, operate and finance Norfolk and Norwich University hospital and to provide a service. Edps who are the directors of pfi octagon about the PFI director mentors National Guard or Reserve service members in the worst financial state its. 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Won the Building Better Healthcare Award [ 5 ] for Best Designed hospital in September 2002 in.. Norfolk & Norwich hospital on 11/1/1998 new Lewisham and Greenwich NHS Trust in East.. Too late was signed, sealed, delivered Reidy & Co Limited dyer currently serves as Senior. Hospital estimates the deal is costing it an extra 20m a year than a deal. November 2007 when it ran out of beds for a time, damages peoples health and! Archant 2018 ) 47 refinancings of hospital, school and other members the! To design, construct, operate and finance Norfolk and Norwich University hospital and to provide a service! To build the Norfolk and Norwich University hospital and to provide facilities management services closer to budget in!
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