Brown defends spending on PFI schemes
Chancellor Gordon Brown has flatly rejected Tory claims that committed future spending on PFI projects is soaring out of control.
Chancellor Gordon Brown has flatly rejected Tory claims that committed future spending on PFI projects is soaring out of control.
Link: PFI reform will lead to more debt
Shadow chief secretary Howard Flight said that ‘auditors are quite rightly urging businesses to take off balance sheet liabilities into account in the prudent management of their overall finances’.
And he demanded of the chancellor: ‘What account have you taken of £100bn of off-balance sheet government liabilities, which represent the present value of total PFI payments for the next 30 years and the guarantees given on behalf of Network Rail and London & Continental?’
Brown retorted that the £100bn figure ‘is totally bogus’ and ‘completely wrong’ and said 57% of PFI projects are on-balance sheet.
Brown told Flight: ‘You are trying to count every PFI commitment from now until 2030’ and pointed out that ‘most are to do with maintenance and repair rather than construction’.
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article