Critics of an ambitious £50 million funding scheme for education in Haringey have been warned there is no other way of getting such a large investment.

A coalition of school governors has hit out at Haringey Council following the announcement that its bid for Private Finance Initiative (PFI) funding had received government approval.

PFI allows authorities to attract investment from private firms to spend on education and pay the money back in instalments.

In Haringey the cash would be used to buy the College of North East London's campus in Rhodes Avenue, Muswell Hill, to create a new, much needed secondary school.

It would also mean funding to tackle the £12 million backlog of major repairs at other schools in the borough.

The money would be paid back in regular instalments over 30 years with private firms contracted to manage the school buildings over that period.

But four school governors, Philip Naylor (Northumberland Park), Sheila Curtis (Hornsey School for Girls), Pete Redman (Stamford Hill) and Sarah Miller (Crowland) have attacked the plans.

Following a fiery meeting with council chiefs they issued a statement branding the scheme "privatisation plans for education."

It read: "The council presented its plans to hand over the management of the borough's secondary schools' buildings and facilities to a private company on a 30-year lease.

"But it failed to find a single supporter from among the 40 or so governors who attended. Without the support of school governors the scheme, part of the controversial PFI -- will collapse. This would be a serious blow to the Labour Party which is anxious to promote this form of privatisation as a viable way of funding school buildings that are falling down after years of neglect."

But Haringey Council said it was the only way of getting enough money for the projects and there was a simple choice between a PFI funded scheme or none at all.

A spokeswoman said: "The schools will continue to be managed by the headteachers.

"The private contractors will be responsible for things like maintenance, cleaning and caretaking.

Establishing another secondary school for the west of the borough has been high council priority for several years.

The new mixed school will provide 810 places for 11-16-year-olds.

The college will use the money from the sale to refurbish its campus in Tottenham High Road.

Haringey Council is hoping to have the terms of the PFI funding in place and

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