Follow the money
Who profits and how
in Safe as houses
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This chapter turns to the bottom line of outsourced regeneration and self-regulation – the colossal financial riches made. The chapter follows the money from government to the immediate companies and then through to their ultimate owners, often offshored in tax havens. A first section recaps on the variety of unnecessary costs imposed on the public sector through PFI procurement that would simply not arise if the schemes were financed and procured directly through the public sector. A second section focuses on the complex yet lucrative financial deals done to raise the upfront investment that provide private banks, financial market traders and PFI investors with enormous, risk-free profits. The chapter then turns to the generous profit margins commanded by the construction and maintenance firms in these PFI schemes from the lack of genuine competition in the procurement process. It goes on to detail how corporate consultants and the ‘big four’ accountancy firms also financially benefit from advising on and auditing these schemes in ways that create real conflicts of interest. A final section follows these different profitable financial flows through the MFN regeneration scheme.

Safe as houses

Private greed, political negligence and housing policy after Grenfell

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