Addressing the Labour Party Confence, shadow chancellor John McDonnell told Labour's conference the contracts were set to cost the taxpayer £200bn over coming decades, making 'huge profits' for private companies. The NHS alone is repaying private firms around £2 billion per year for PFI schemes with interest payments said to be around £56 billion by 2048. He said that under the leadership of Jeremy Corbyn, Labour would sign no new PFI deals and would take current ones 'in-house'.  The PFI model of funding public services such as new schools and hospitals was established by the Conservatives in the 1990s and has continued under successive governments. However business organisations pointed out that there was a cost to ending PFI contracts.