Telegraph
"The curious case of the Treasury Christmas tree sounds like a cheery festive fable, but is in fact the stuff of financial nightmares. It began when George Osborne, the Chancellor, ordered his civil servants to buy a £40 tree to adorn their office in Whitehall. They discovered, however, that this was not allowed under the terms of a Public Finance Initiative (PFI) contract, signed by Gordon Brown when he was Chancellor to raise cash to refurbish the Treasury building. Dozens of public infrastructure projects, such as hospitals and schools, have been built or renovated using PFIs, which typically spread repayments over 20 or 30 years.
Doubtless this method of public financing sounded like a good idea at the time; but the country has been landed with costs that far exceed the value of the assets. It is estimated that £260 billion is owed for the provision of £60 billion of investment. In addition, decisions about spending on fixtures and fittings are taken by contractors. So when the Treasury asked for a Christmas tree to be delivered, it was presented with a bill for £875 – at which point Mr Osborne stepped in and demanded something cheaper. After much huffing and puffing, the supplier agreed to donate a tree for free, but declined to decorate it."
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