Public/Private Partnerships: Shares

Lord Forsyth of Drumlean Excerpts

Monday 3rd November 2025 Lords Chamber

[Lord Wilson of Sedgefield (Lab)]

I thank my noble friend for his question and I will pass on his good wishes to my Treasury colleague, whose full attention is on organising for next year’s elections but also on his duties in the Treasury. As I said, the Government will always consider carefully which model is most appropriate for a project on a case-by-case basis to ensure value for money. Matching the right private finance models to projects ensures that the project benefits from efficiencies. Investment trusts already open the door to retail investment in private assets such as infrastructure, but we are going further. By moving the long-term asset funds into the stocks and shares ISA from April next year, the Government will give more people access to long-term investment opportunities and the higher returns they can bring.

[Lord Forsyth of Drumlean (Con)]

My Lords, does the Minister agree that where public/private partnerships have gone wrong is in there not having been people in the public sector with the procurement skills and knowledge to get a good deal, and the private sector has run rings around them? If we are going to go ahead, can we look at the way in which we carry out procurement and bring in the expertise required to match that in the private sector?

[Lord Wilson of Sedgefield (Lab)]

I agree with the noble Lord and accept his point of view. There have been a lot of benefits from public/private partnerships in the past—they have invested in many schools and hospitals, where pupils and patients have benefited—but we need to look at how we reform public/private partnerships and make them fit for the future. Obviously, the National Infrastructure and Service Transformation Authority, which was set up in 2020, has a great part to play in that.