Privately Financed Capital in Public Services
AbstractRecent changes in UK policy, notably the retirement of the 1981 Ryrie rules, presage a substantial increase in the use of private finance for public sector projects. The most important features of the relaxations of 1989 and 1992 relate to: successive modifications of the value-for money tests, notably, in connection with removing the requirement for a systematic comparison with a hypothetical publicly financed project (e.g., when the private sector can be directly remunerated by user tolls); less stringent rules on leasing; and allowing private borrowing on the security of Exchequer-funded assets. The crucial issues are identified to be: the extent of private finance and the implications for macroeconomic indicators; whether the hypothesized operational efficiency gains are sufficient to offset higher financing costs; whether risk is genuinely transferred to the private sector; and whether risk ought to be transferred to the private sector. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 65 (1997)
Issue (Month): 5 (December)
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- John Hall, 1998. "Private opportunity, public benefit?," Fiscal Studies, Institute for Fiscal Studies, vol. 19(2), pages 121-140, May.
- Robert Bain, 2010. "Public sector comparators for UK PFI roads: inside the black box," Transportation, Springer, vol. 37(3), pages 447-471, May.
- Malcolm Sawyer, 2010.
"Public Private Partnerships, the Levels of Public Investment and the New Member States,"
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- Malcom SAWYER, 2009. "Public private partnerships, the levels of public investment and the New Member States," Departmental Working Papers 2009-32, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
- Magazzino, Cosimo, 2009. "Wagner's law in Italy: empirical evidence from 1960 to 2008," MPRA Paper 25526, University Library of Munich, Germany.
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