Claims private equity hasn't proved its worth
The GMB union has slammed evidence provided by private equity to a Government investigation into the industry, following comments from the British Venture Capital Association (BVCA) in response to widespread criticism about its social and economic impact in the UK.

Private equity has been at the forefront of retailers' minds in recent months, with Europe's largest buy-out offers being made for some of the biggest names in retail. These have included Kohlberg Kravis Roberts' (KKR)£11.1 billion bid for health and beauty giant Boots and the aborted KKR, CVC and Blackstone-led consortium bid for grocer Sainsbury's.

GMB general secretary Paul Kenny attacked the BVCA's justification for private equity and said they failed to outline any benefits. He said: 'Despite being given numerous opportunities to provide evidence of their [private equity] claims to be good for Britain, they failed to take advantage of these opportunities to give positive answers.

'They could not provide any evidence that the private equity industry's tax privileges bring any significant advantages to the British economy when pushed on the subject.

They rejected that there were any grounds for concern about private equity with arrogance and complacency.'

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