A new M.P's report is damning about the Govt's Private Finance Initative(PFI) the scheme that had made billions for global companies (and their lawyers) and quite possibly for corrupt council officials, etc (my addition) So, yett another Brown inspired project hits the buffers, just like his Individual Learning Accounts which saw his world and wife set themselves up as 'trainers' to rake in the loot and which cost the taxpayer billions. So, how does the govt get away with it all? the media is focussing on the Maddie abduction when it should really be about PFI. Anyway, here is an issue the left could have made a lot of, but sadly haven't...


PFI: a get-rich-quick scheme?

Investors in the City took advantage of public sector naivety to make big profits, according to a recent MPs report.

David Hencke

The Guardian

May 16, 2007 8:00 AM

Will Gordon Brown be in hock to the City slickers in a rather different way to Tony Blair? Has his personal baby, the private finance initiative, now funding 750 projects at a cost of £54.5bn to the taxpayer, just given City investors a new get-rich-quick scheme? This is the question posed by a highly critical MPs report published today, compiled with the help of some of the best auditors in Britain from the National Audit Office.

The verdict of the House of Commons public accounts committee is damning. Naive public officials were taken to the cleaners by sophisticated City business people, who raked in millions for investors thanks to their superior knowledge of the world of finance.

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