Residents will pay almost £1billion into the hands of big business and banks as a result of expensive contracts agreed by Islington Council.
Treasury figures obtained by the Gazette show £358million was borrowed from Private Finance Initiative (PFI) schemes, which will rocket to £1.3 billion – almost four times the initial outlay – by the time it is paid off in 2037.
This means £943million extra will be paid by Islington taxpayers, though this figure does include maintenance on the projects for the length of the contracts. more