Select Committees recommend sharing PFI equity profits and criticise use of tax havens

Following detailed evidence of Private Finance Initiative equity profiteering and the transfer of assets to tax havens submitted by Dexter Whitfield, the House of Commons Public Accounts Committee has recommended gain sharing in new and existing PFI projects (1 September 2011). The Committee called for the Treasury to measure tax revenue from PFI deals and ensure this is taken into account in project assessments. It recommended Freedom of Information be extended to private companies delivering public services. An earlier report by the House of Commons Treasury Committee (August 2011) also included the PFI profits evidence, and was highly critical of the cost of PFI, off-balance sheeting financing and value for money assessments.