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  • Infrastructure fund to abandon offshore tax haven status

    The John Laing Infrastructure Fund (JLIF) has decided to terminate its Guernsey offshore registration and become a UK investment trust. Announcing the results and annual report for 2017 on 23 March 2018, the chair, David MacLellan, cited recent problems in JLIF PFI projects such as the serious defects at Roseberry Park Hospital, fire safety enforcement…

    Published on 30th March 2018. Last updated 13th October 2018.

  • Carillion made £500m in revenue from selling PFI projects and netted annual returns of up to 39%

    Research by the European Services Strategy Unit has exposed the fact that Carillion plc sold equity in 49 PFI projects between 2003 and 2017 gaining a revenue of £500m. Most of the transactions were to offshore infrastructure funds. Carillion currently has 25%-90% equity stakes in 12 PFI projects with a capital value of £1,281m. In…

    Published on 30th March 2018. Last updated 13th October 2018.

  • New evidence of the scale of UK PFI/PPP equity offshoring and tax avoidance

    ESSU research has consistently focused on the offshore infrastructure funds, which are liable for corporate tax in the country in which they are registered. Each PFI/PPP project has Special Purpose Vehicle (SPV) or company that is registered in the UK and liable to pay UK corporation tax. Twelve offshore infrastructure funds had equity in 547…

    Published on 30th March 2018. Last updated 13th October 2018.

  • PPP Profiteering and Offshoring: New Evidence and updated ESSU PPP Equity Database 1998-2016

    PPP Profiteering and Offshoring: New Evidence reports on the findings of the updated ESSU PPP Equity Database 1998-2016:  

    Published on 30th March 2018. Last updated 13th October 2018.

  • Labour will nationalise PFI/PPP projects

    In a speech at the Labour National Conference today, John McDonnell, Shadow Chancellor, announced: “It’s not just students and households with credit cards who are being ripped off. The scandal of the Private Finance Initiative, launched by John Major, has resulted in huge, long-term costs for tax payers, whilst handing out enormous profits for some…

    Published on 30th March 2018. Last updated 13th October 2018.

  • The political economy of social impact bonds

    The Political Economy of Private Financed Social Services – an international perspective is the title of a chapter by Dexter Whitfield in a new book Privates Kapital für soziale Dienste? Wirkungsorientiertes Investment und seine Folgen für die Soziale Arbeit edited by Monika Burmester, Emma Dowling & Norbert Wohlfahrt. Further details and an English version of the chapter…

    Published on 30th March 2018. Last updated 13th October 2018.

  • Redesign of ESSU website launched

    The European Services Strategy Unit is pleased to launch a radical redesign of the website — www.european-services-strategy.org.uk. Many thanks to Chris Croome of Webarchitects Coop (who have hosted and supported the website since 1998) and Mina Nielsen, Sheffield for the redesign. Hopefully the website is easier to navigate and access the large volume of evidence.…

    Published on 30th March 2018. Last updated 13th October 2018.

  • PFI/PPP Buyouts, Bailouts, Terminations and Major Problem Contracts

    ESSU Research Report No 9, Dexter Whitfield Details 11 buyouts, 20 terminations and 43 projects with major problems, plus many bailouts, accounting for 28% of PFI/PPP contracts by capital value. The public cost of buyouts, bailouts, terminations and major problem contracts is £27,902m, when combined with the additional cost of private finance, interest rate swaps…

    Published on 30th March 2018. Last updated 13th October 2018.

  • Tyne and Wear Metro returns to public provision

    On 1 April 2017 the operation of the Tyne and Wear Metro finally returned to public provision. The North East Combined Authority decided not to extend the Deutsche Bahn 7-year operational contract for a further two years because of dissatisfaction with service performance. A new fleet of trains is planned in the next few years,…

    Published on 30th March 2018. Last updated 13th October 2018.

  • Social Impact Bond investors profit from deporting London rough sleepers

    The London Homelessness Social Impact Bond was designed to reduce rough sleeping, but led to two charities to work in partnership with Home Office agencies to ‘reconnect’ non-UK nationals by voluntary repatriation, administrative removal or deportation. This ESSU briefing raises critical issues for non-profits engaging in core state functions.

    Published on 30th March 2018. Last updated 13th October 2018.