New Clause 5 — Contingent liabilities under the Private Finance Initiative

Part of Orders of the Day — Finance Bill — [1st Allotted Day] – in the House of Commons at 9:15 pm on 3 July 2002.

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Photo of Mr Howard Flight Mr Howard Flight Conservative, Arundel and South Downs 9:15, 3 July 2002

I hope that the Minister heard what my hon. Friend Mr. Hoban said. He is a qualified accountant, and he made the point that the approach that is being followed, which is to exploit the rules rather than the substance, is precisely what Enron off balance sheet accounting was about.