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CBI RESPONDS TO PUBLIC ACCOUNTS COMMITTEE REPORT ON PFI

The CBI commented on a report published today (Thursday) by the Public Affairs Committee (PAC) on the Private Finance Initiative (PFI).

Dr Neil Bentley, CBI Deputy Director-General, said:

“This report rightly acknowledges the role which private finance has played in delivering new hospitals, schools, prisons, courts and roads. We agree PFI isn't the only option, it must only be used when it is appropriate and offers the best value for money.

“The Committee recognises that improvements have been made to PFI since its introduction, and is right to say that more can be done. The CBI is calling for greater transparency in PFI contracts and for improvements to public sector procurement.

“Given the current state of the public finances, private finance must be an option if the we are going to see major new investment in infrastructure at an affordable price. What investors need now is a clear statement from the Government about how the use of private finance will evolve, including ideas such as Tax Increment Funding and Pension Fund Financing.”

Notes to Editors:

The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

Media Contact:

CBI Press Office on 020 7395 8239 or out of hours pager on 07623 977 854. Follow the CBI on Twitter at: www.cbi.org.uk/twitter

 

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