PFI: a get rich scheme for the city
freecycler | 16.05.2007 11:22 | Globalisation | Sheffield
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.
more
![](/img/extlink.gif)
freecycler
Comments
Display the following 2 comments