The vast profits being made by contractors and banks selling equity in PFI project companies was exposed by the BBC File on 4 programme on 13 June. The programme was based on The £10bn Sale of Shares in PPP Companies: New source of profits for builders and banks, and earlier evidence in Global Auction of Public Assets by Dexter Whitfield. BBC Podcast: PFI Profits File on 4, 14 June 2011 – 38 mins BBC Press Release: HM Treasury ‘in dark’ over ‘excessive’ PFI profits
Financial Times, 20 June 2011: PFI projects switched to tax havens, report claims
Daily Mail, 15 June 2011: £2bn secret profits on PFI gravy train: Public-sector projects are massive money spinner
Daily Telegraph, 15 June 2011: £2bn profit for companies selling debt on public projects
Tax Justice Network, 15 June 2011: BBC explains tax scam in UK’s Private Finance Initiative
Left Foot Forward, 15 June 2011: Democratic erosion, profiteering and tax havens: PFI equity sales exposed by Dexter Whitfield.
Open Democracy, 22 June 2011: PFI transferring billions from UK taxpayers to private financiers