黑洞社区

Four of the UK鈥檚 largest schools projects are seeking emergency European funding as they face delays despite the government鈥檚 pledge to accelerate its investment programme.

黑洞社区 reports that four projects are understood to have applied for a slice of the 拢300m outlined by the European Investment Bank to keep PFI projects on track. These are a 拢1.2bn BSF scheme in Birmingham, a 拢350m scheme in Salford and Wigan, a 拢200m Southwark scheme and a 拢300m Barnsley scheme.

Sources close to the schemes told 黑洞社区 that although the projects are scheduled to reach financial close towards the end of this financial year or early next, their funding was threatened due to banks鈥� reluctance to commit to long term deals.

Talking to the Guardian, Tim Byles, head of Partnerships for Schools, the government delivery body responsible for BSF, admitted that no banks had invested in BSF since Christmas, adding that to help revive schemes, the Treasury might also offer shorter deals, interest-rate caps or guarantees to investors.

The news came as the government appointed former audit commission chief executive Sir Andrew Foster to undertake a review of its delayed and underfinanced 拢5bn college upgrade, managed by the Learning and Skills Council.

The LSC鈥檚 troubled programme to rebuild or refurbish 200 further education or sixth form colleges by 2011 has stalled after too many colleges applied for funding and projected land sales designed to part-fund the scheme fell foul of the credit crunch.

According to press reports, government skills Secretary John Denham is 鈥渇urious鈥� the LSC has allowed the building work to stall just as the government is supposed to be injecting public funds to kick-start the economy.

Contract Journal reports that the LSC college programme is now likely to be transferred into the BSF system. A government source told the magazine that a funding crisis had 鈥榤oved the possibility [of a transfer] significantly up the agenda.鈥�