The government's decision to bring out its cheque book yet again - this time for the PFI - is a massive fillip for the industry. Hospitals, schools and road projects worth almost ￡10m have been hamstrung by a lack of bank finance. This new money may help to save companies and their workers. And whatever the critics say, the government had little choice.That's not to say it can start doling out cash tomorrow. First of all, an "arm's length" unit will have to be created within the Treasury, and that hasn't got any staff yet; it will eventually recruit about 15. But the spirit is certainly willing: the Treasury has pledged to put up the cash needed to get ￡8bn-worth of schemes off the ground this year.
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