Public Sector Failing To Negotiate Cost Effective PFI Deals - Cable

11.43.41am BST (GMT +0100) Tue 15th May 2007

Commenting on today's [Tuesday] Public Accounts Committee report into PFI projects, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "It is clear that those involved in negotiating PFI deals within Government need more training and more commercial expertise to get the best deal for the taxpayer.

"This report highlights all too clearly the lack of commercial awareness of public sector organisations negotiating PFI deals, and the result on the public purse.

"Even at the second attempt, the Government is failing to achieve value for money.

"The proceeds from refinancing are way below the Government's own forecasts. This shows just how much taxpayers are suffering because of a lack of negotiating ability."