"…the effective interest rate of all private finance deals (7%-8%) is double that of all government borrowing (3%-4%)" based on an analysis of the 2012-13 Whole of Government Accounts (NAO, 2015a). The claim that PFI/PPP projects lead to efficiencies over and above public investment has not been established. Their notable 'efficiency' appears to be the rapid development of a secondary market and offshore infrastructure funds to ramp up profiteering in the sale of PFI/PPP project equity (Whitfield, 2016).