24. The Institute of Fiscal Studies6 estimated in October 2008 the liabilities arising from future payments for signed PFI projects at £130 billion, or 9% of GDP. These liabilities do not appear in the headline figures for UK debt. We believe that some of the related investments would not have been made without Private Finance. One can only speculate whether the Government would have committed itself to this expenditure were it not for the existence of PFI.
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6 Institute of Fiscal Studies (2009) The IFS Green Budget: January 2009.