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Up to £10bn of tax revenue is at risk from contrived avoidance schemes sold to tens of thousands of individuals and small businesses over the past 10 years, according to official findings branded “staggering” by MPs.

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Vince Cable will today step up pressure on company bosses to rein in excessive pay as the business secretary responds to the review of the equity markets and long-term decision making announced in the summer.

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Severe weakness in corporation tax revenues ended the run of better news on public finances, exacerbating the difficult financial backdrop for George Osborne’s Autumn Statement next month.

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The Treasury is set to announce that it has cut billions of pounds from the cost of running hospitals, roads and schools built under the private finance initiative, after more than a year of negotiations with the private sector.

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The taxman has been accused by MPs of pushing businesses that were mis-sold interest rate swaps into administration despite knowing the financial problems faced by the firms.

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George Osborne has been dealt a blow after the last public finance figures before his critical Autumn Statement showed borrowing was far higher than expected in October.

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