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The Independent UK

Budget 2018: Philip hammond pledges not to sign any new PFI contracts

The chancellor pledged to end the use of private finance initiatives (PFI) which he described as a "classic Labour solution; pouring good money after bad."

"I have never signed off a PFI contract, and I can confirm today that I never will," Mr Hammond told the House of Commons in his Budget speech on Monday.

A centre of excellence will be established to manage current contracts, which will be honoured, the chancellor said.

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