BusinessCorporate FinanceBoateng defends use of PFI contracts

Boateng defends use of PFI contracts

Paul Boateng, the recently appointed chief secretary to the Treasury, says private finance initiative deals are only used where they deliver value for money.

Earlier this week, Tory shadow treasury chief secretary Howard Flight, accused the government of using Enron-style accounting practices to get more than £26bn in PPP and PFI financing off its balance sheet.

But Boateng, in a letter to the FT claimed public sector comparators used to assess PFI deals were not ‘fudged’ and said ‘the PSC process has repeatedly satisfied independent audit bodies’.

He added: ‘We have rebuilt Britain’s finances in a way that leaves no need for the balance-sheet wizardry suggested by Mr Flight.’

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