James Wates, chairman of the Construction Confederation, has cautioned the Conservative party against scrapping the PFI.

The Tories, while not saying they would abandon the procurement method, appear to have distanced themselves from the current form of the PFI, saying they would look at improvements to the process. But Wates said it must be pursued for the good of the industry and those who use public services.

He said: “[PFI] is not the only show in town, but it does have a place among a whole raft of procurement tools. I would caution against throwing the baby out with the bath water.”

Wates also said the construction industry should be more vocal in celebrating its achievements.

He said: “There is a great deal that this industry does very well. However, what we do less well is share that good news. The construction industry does not get the credit it deserves for its place at the heart of the UK economy.”

Wates was speaking at an event organised by the Construction Umbrella Bodies group.