Walesonline has reported that:

Nia Griffith, the Labour MP for Llanelli, is seeking to change the law to force firms that build schools, roads and hospitals to pay tax in the UK. She said it was "outrageous" that some companies given contracts under the Private Finance Initiative were registered abroad in order to reduce their tax bills.

She has introduced a private Bill in the Commons in an attempt to close the loophole. Although it stands little chance of becoming law, 32 MPs have already expressed support for a similar Commons motion.

Although supported by the Labour Government, the PFI system has drawn criticism from unions and Labour backbenchers while the Welsh Assembly Government is unenthusiastic, ruling them out completely in the NHS.

I wish Nia well. Borrowing to pay for capital costs makes complete sense. The PFI scheme makes no sense at all. Allowing PFI operators to shift their profit out of the UK is the worst of all possible worlds, and Gordon Brown has been a particular party to it.

If the collapse of financialisation which is underpinning the current credit crunch, bear market and looming recession destroys the myth that the City creates value through mechanisms such as PFI then we might come out on the other side with a better economy. As an optimist I always look for a silver lining, and this is the only one I can find at present.