PFI is a method of financing new schools, hospitals, streetlighting etc without the council or health service having to find the money up front. Instead a consortium of a building firm and a bank (or two) offer to build and run the service for a period of between 20 and 35 years. For this the public pays much, much more. This is why we lead the fight to save Lewisham Hospital - two other hospitals were bankrupted by their PFI debts so Lewisham was going to be closed to force patients to Woolwich or Kings.
Here is a chart of the PFI contracts Lewisham's Labour mayor committed us to. The figure for payments this year is around £52million.
We say these contracts have to be torn up and if John Hamilton is mayor we will argue in the courts that these contracts are "odious debt" a legal term which regards debts as unenforceable if they are imposed on a population by a ruler and are of no benefit to the people. It is a form of loan-sharking on a giant scale. See my condemnation of PFI 4 minutes and 30 seconds into the video www.tinyurl.com/HustingsVid .