PFI projects

PFI projects provide a better deal for the private sector than the public sector, according to a report by the Public Accounts Committee.

The report recommends that ministers reconsider how much tax money is generated by these projects, as revenue is lost through use of offshore tax arrangements by investors.

“It is a disgrace that many of the PFI investors are registered offshore for tax purposes,” said Dave Prentis, general secretary of the UNISON public services union.

He added that they are “literally ripping the taxpayer off twice — and making huge profits in the process”.