Q551 Lord Forsyth of Drumlean: Moving to a system where you are looking to pension fund investment, which would be looking for a reliable return over a long period of time which is secured, is that not really just securitising future tax revenues and providing a source of income to the private sector, which is a long way away from the concept of PFI where private capital is being put at risk?
Ms Mingay: I disagree. If you were transferring no risk, then it would be like a quasi gilt and you are right, but where these privately financed projects or PPPs are different and where they form a role in pension funds asset allocation is that they have the long life that they need to match their liabilities, and they are not as risky as equities but not as safe and low return as bonds, and so they are in that middle ground where they are taking some risk, whether it is about availability of performance for these things, but a return that is commensurate within the spectrum. I think that is how we see it positioned.
Q552 Lord Forsyth of Drumlean: They are not guaranteed by the Government.
Ms Mingay: Absolutely not, no.
Chairman: That brings this session to an end. Thank you very much indeed for your time and for your helpful answers to our questions.