A fresh row has broken out between private equity firm Actis and the UK government after Actis' chief executive called the government's criticism of the firm’s profits “an entirely predictable game of shaking us down” as the state looks to offload its 40% stake in the firm later this year.

Paul Fletcher, chief executive of Actis, said that while the government had been a "great" shareholder since the emerging markets focused firm was part privatised in 2004 pressure was now being applied to ensure that the state gets a significant return on its stake.