Public sector bodies spent almost £17 billion with offshore-owned private equity firms last year, new analysis shows.
The figures [1], produced by GMB and analysts Tussell, shows deals handed to private equity firms whose Global Ultimate Owner (GUO) was based offshore hit 16.95 billion in the financial year 24/25.
Overall, public sector contracts which went to Private Equity backed firms topped £31 billion last year.
GMB moved a motion to Labour Conference this week to ‘maximise UK content and supply-chain opportunities in publicly funded energy, defence, housing and infrastructure projects’.,
Gary Smith, GMB General Secretary, will tell Labour Conference:
“Labour was elected on a promise to fix a broken Britain. To make, buy and sell more at home.
“But, things are still broken.
“Our broken industrial policy is leaving 500 million bricks sitting in factories during a housing crisis.
“Our broken energy policy bans us from using more of our gas to survive a global fuel crisis.
“And our broken procurement policy has let billions of public money go to companies owned offshore.
“Conference, this is simply not good enough.
“A Labour Government – this Labour Government – must do better.
“We need new legislation on Procurement so that when public money is spent it guarantees better jobs and better opportunities here at home.”
