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    I have often posted about the incompetence of the last Labour regime but nothing, apart from our financial mess, illustrates this more than a bit of news I picked up today in the Speccie. Gordon Brown loved Private Finance Initiatives (PFIs) to finance a lot of government projects. Lots of schools and hospitals were built that way for instance. This kept these projects off the government books making government borrowing levels look lower than they really are and most official borrowing figures still do not include them. But Brown's PFI contracts are very poor value for money indeed.

    The Treasury is run by a PFI contractor believe it or not. When George Osborne wanted to order fish and chips for six from the canteen when working late he was told it would cost £148. That is nearly £25 each!

    Tory backbencher Jesse Norman has set up a PFI Rebate Campaign to get the contractors to take a 0.5% cut which would cost them £500million. Looks a lost cause to me but, according to the Speccie, if the companies refuse to compromise it could cost them a lot more than that.

    Lets hope he succeeds...

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