The Local Improvement Finance Trust (LIFT) initiative is being used to develop new primary and social care facilities for the NHS. LIFT involves the creation of a joint venture company within each LIFT locality in which representatives of central government and the local public sector own shares along with a private sector partner.
These vehicles raise private finance in order to develop a succession of projects over the 20-year life of the partnering agreement. They charge rents to primary care providers to service this debt-and provide profits for investors and contractors. This is repaid through NHS subsidy to GPs, primary care trusts and/or other health providers. Investment through LIFT, therefore, is ultimately paid for by the NHS.
A total of 42 schemes across England were approved by the DoH in August 2002, followed by a further nine schemes in November 2004. Building work has so far schemes valued at £866 million. This number will grow as more LIFT contracts are signed.