Isle of Wight Council wants to save about £2m a year on its Private Finance Initiative road contract. The council entered a 25-year highways PFI contract in 2013 with Ringway Island Roads Ltd for the maintenance and upgrade of the road network. The contract is worth £720m, of which the DfT is providing £430m as grant. The council says ongoing budgetary pressures mean circa £2m per annum savings need to be found. It has identified several options for cost reductions and...
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