PFI Profits

The vast profits being made by contractors and banks selling equity in PFI project companies was exposed by the BBC File on 4 programme on 13 June. The programme was based on The £10bn Sale of Shares in PPP Companies: New source of profits for builders and banks, and earlier evidence in Global Auction of Public Assets by Dexter Whitfield. BBC Podcast: PFI Profits File on 4, 14 June 2011 – 38 mins http://downloads.bbc.co.uk/podcasts/radio4/fileon4/fileon4_20110615-0950b.mp3 BBC Press Release: HM Treasury ‘in dark’ over ‘excessive’ PFI profits http://www.bbc.co.uk/news/business-13712275

Further reports in Financial Times, Daily Mail, Daily Telegraph, Left Foot Forward, Tax Justice Network and Open Democracy.

Download: The £10bn Sale of Shares in PPP Companies which details profits from equity sales and the use of tax havens – http://www.european-services-strategy.org.uk/publications/essu-research-report s/ essu-research-report-no-4-the-ps10bn-sale-of-s/

See also:

Financial Times, 20 June 2011: PFI projects switched to tax havens, report claims http://www.ft.com/cms/s/0/e4a0ee7e-9ab8-11e0-bab2-00144feab49a.html#ixzz1PnZ8r gqz

Daily Mail, 15 June 2011: £2bn secret profits on PFI gravy train: Public-sector projects are massive money spinner http://www.dailymail.co.uk/news/article-2003629/PFI-schemes-Public-sector-proj ects- massive-money-spinner.html

Daily Telegraph, 15 June 2011: £2bn profit for companies selling debt on public projects http://www.telegraph.co.uk/news/politics/8576554/2bn-profit-for-companies-sell ing- debt-on-public-projects.html

Tax Justice Network, 15 June 2011: BBC explains tax scam in UK's Private Finance Initiative http://taxjustice.blogspot.com/2011/06/bbc-explains-scam-in-uks-private.html

Left Foot Forward, 15 June 2011: Democratic erosion, profiteering and tax havens: PFI equity sales exposed by Dexter Whitfield. http://www.leftfootforward.org/2011/06/democratic-erosion-profiteering-tax-hav ens- private-finance-initiative-equity-sales-exposed/

Open Democracy, 22 June 2011: PFI transferring billions from UK taxpayers to private financiers http://www.opendemocracy.net/ourkingdom/clare-sambrook/pfi-transferring-billio ns- from-uk-taxpayers-to-private-financiers

European Services Strategy Unit, Duagh, Camp, Tralee, County Kerry, Ireland.
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This document was created by Dexter Whitfield on 2011-06-15 10:54:16.
This document was last modified by Dexter Whitfield on 2011-06-23 15:57:36.
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