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As well as the uncollected tax, there is another huge source of public money that has been allowed to remain out of the equation when it comes to the deficit and therefore the cuts: the profit made on Private Finance Initiatives. File on Four tonight investigated this scandalous situation that well over £200 bn of taxpayers money has been committed to the companies managing these project and however bad the contracts were much of the money has gone overseas and huge profits are being made by selling and reselling them in a secretive secondary market – with none of the proceeds returning to the taxpayer.

A linked article on the BBC News exposes how little the Treasury knows about these excessive profits, let alone tries to claim a share in them.

As George Monbiot pointed out “PFI was a Tory invention, but became a Labour doctrine”. His piece on Comment is Free is entitled “The bill for PFI contracts is an outrage. Let us refuse to pay this odious debt

And they keep saying “there’s no money left” …. That should be on Liam Byrne‘s tombstone.

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