Heald, D. (1997) Privately financed capital in public services. Manchester School, 65(5), pp. 568-598. (doi: 10.1111/1467-9957.00082)
Full text not currently available from Enlighten.
Abstract
Recent changes in U.K. 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 test, 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.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Heald, Professor David |
| Authors: | Heald, D. |
| College/School: | College of Social Sciences > Adam Smith Business School > Accounting and Finance |
| Journal Name: | Manchester School |
| Publisher: | Wiley-Blackwell Publishing Ltd. |
| ISSN: | 1463-6786 |
| ISSN (Online): | 1467-9957 |
| Published Online: | 16 December 2002 |
University Staff: Request a correction | Enlighten Editors: Update this record
Deposit and Record Details
Deposit and Record Details