Mr. Brian Murphy:

I am not too sure about that. Some of the comments I have read have been made by serious investors in the industry. They have a global perspective and this is a global and, at least, a European market. Investors have a pool of funds to invest in European PPPs, not just UK PPPs. That capital is mobile and fungible. It will go to the markets where the returns are most attractive. The best way of protecting the taxpayer and to ensure value for money is to ensure there is a rigorously competitive bidding process. That provides the greatest protection for the taxpayer. The equity returns we have observed in accommodation-type projects probably range between 10% and 13%. That is not an extortionate return for the private sector.