from Private Eye
Land Securities was to convert a "super-hangar" at St Athan, South Wales, into a huge new defence academy for around £1bn, but it seems the credit crunch has put paid to it raising that kind of cash. Whether another property company - most of them struggling to raise money - steps forward looks uncertain. The problem with the private finance initiative is that although the profits are great, they come over a long period and not many firms are in the mood for splashing out and waiting for their cash. If the Ministry of Defence can't persuade another company in, the whole scheme could collapse.
Meanwhile the list of compromises on quality that will be made if the deal does go ahead lengthens by the week.
Cherie's Place: Private Eye Reports on Land Trillium Departure
They will understandably want to make a profit but why should Welsh taxpayers subsidise private organisations? The full article entitled 'Why Subsidise Private Profit' can be found here. More information on DTR from a Shropshire ...