Lords debates Private Finance Projects
4 November 2010 (updated on 4 November 2010)
Members of the House of Lords debated the Economic Affairs Committee Report on Private Finance Projects and off-balance sheet debt, on Wednesday 3 November.
- Video and Audio: Watch the debate on Private Finance Projects
- Hansard: Read the transcript of the debate
- Report: Private Finance Projects and off-balance sheet debt Volume I and Volume II
- Government Response to the report
The debate was introduced by Lord Vallance of Tummel, former Chair of the Economic Affairs Committee.
The report, published in April, recommended that the government should monitor and control the impact of Private Finance Projects (PFP) on the budgets of government departments and public authorities and that PFP offered significant advantages over traditional means of procurement.
The Committee suggested that the government take measures to remove institutional bias in favour of private financing of public procurement. This would allow organisations to select PFPs, or other procurement methods, on a case-by-case basis, according to value for money.
Members speaking in the debate included:
- Lord MacGregor of Pulham Market (Conservative): former Chief Secretary to the Treasury
- Lord Lipsey (Labour): former Chair of the Financial Services’ Consumers Panel
- Lord Newby (Liberal Democrat): Vice-chair of the all-party group on Business, Finance and Accountancy
- Lord Tunnicliffe (Labour): Opposition Deputy Chief Whip
Lord Sassoon responded on behalf of the government.