Some of the key players in the UK's private equity industry were grilled by a Treasury select committee on Wednesday, writes Graeme Wearden.
Damon Buffini of Permira and Philip Yea of 3i, among others, faced tough questioning over their reputation for cutting jobs and saddling companies with debts.
The committee heard from union leaders from GMB and Unite, who demanded action over the tax breaks enjoyed by private equity.
Update: The committee have let the private equity panel depart, after more than two hours of Q&A in which the MPs raised some serious issues but didn't seem to land many killer punches. The unions also called for tougher regulation, but faced some criticism of their own. Read it all below.
guardian.co.uk / Business
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