Sunday, July 22, 2007

Enron Style

UK and Private Finance Initiatives (private companies providing public services): "A large section of this country's biggest single piece of infrastructure is being run by the administrator Ernst and Young. Rest assured, dear taxpayers, the accounting firm's meter will be running for months to come. As well as that bill, the public is now in line to meet Metronet's £2 billion cost over-run. And its £2.6 billion debt...
"Since 1997, excluding the Tube PPP, the Treasury has signed 700 other PFI contracts for public infrastructure and services worth around £65 billion. The long-term cost to taxpayers? A cool £166 billion... Mr Brown has become addicted to PFI, which has allowed him to rack up multi-billion pound liabilities, mostly hidden from the national accounts. This is Enron-style financial management in the taxpayers' name." - Does 'Enron' ring any bells, Mr Brown?


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