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.
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.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis regulatory update aims to simplify the reporting process, reduce administrative burdens, increase accuracy, and provide real-time reporting capab...
View articleTechnology could enable this by allowing teams to 'speak the same language' Read More...
View articleBegbies Traynor had a strong first half to its year, buoyed by increased revenue and a number of acquisitions Read More...
View articleRicky Shankar, Chairman of Clear Factor, explains how his own experience with banks led to the creation of Clear Factor - a decentralised global invoi...
View articleLooking at spending patterns of more than 1000 Spendesk users in 35 European countries, making 800,000 transactions totalling over €120million, the ‘S...
View articleWith Accounts Payable fraud on the rise Ian Smith, Finance Director and GM at Invu, looks at whether technology can save businesses from a brewing cri...
View articleBoris Johnson has proposed to raise the 40p tax from £50,000 to £80,000 in his bid to become the next Tory leader – and the accountancy industry...
View articleNew research quantifies the extent of Companies House inaccuracy as the ICAEW urges the Treasury and BEIS to shore up defences Read More...
View article