This looks like another case of New Labour selling the region's future to the highest bidder. Not sure if anyone else caught a program recently aired on a terrestrial channel- (sorry for being vague- I remember it being on in the background)- about schools in the North East that were built by PFIs and then closed down after only a couple of years as they had insufficient pupils to justify keeping it open. The school had been shut for two years and as the PFI ahd a contract for something like the 30 years in this example the council had to keep up their contractual maintenance payments to the PFI for doing nothing!
Anyway, the link gives you all the detail I've got. Could be the subject of another (useless) letter to my MP.