Jim Cuthbert analyses the potential dangers of Scottish Government investment in Hub sub-debt, which may act as a form of ‘concealed’ borrowing from the secondary market.

PFI, and other forms of public private partnership (PPP) as practised in England and Scotland, are well known to be very problematic concepts. They involve, on the one hand, extremely high rates of return for investors in many schemes – but on the other hand, an unacceptable rate of failure in other schemes.