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Experience with the Private Finance of Transport Infrastructure: Some Evidence from the UK

Private finance of transport infrastructure has developed further in the United Kingdom (UK) than in most European countries over the past two decades. This paper considers the lessons that can be drawn from this experience and, in particular, whether the use of private finance leads to any bias in the spatial allocation of investment. The paper develops a framework which identifies the importance of the contractual structure for private finance. This shows how in the presence of asymmetric information it is difficult to achieve the expected shifting of risks to the private sector and although transactions costs become more transparent, they may also increase. The UK experience is used to illustrate this and to assess the extent to which private sector provision impacts on regional development.