The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK
The 2007-09 credit crunch has not only created problems for the UK’s public finances in meeting the costs of bailing out commercial banks and dealing with recession but also for providing better public services. This paper analyses the causes of the credit crunch, government policies to address it a...
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| Format: | Article |
| Language: | English |
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University of Ljubljana Press (Založba Univerze v Ljubljani)
2009-03-01
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| Series: | Central European Public Administration Review |
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| Online Access: | https://journals.uni-lj.si/CEPAR/article/view/20273 |
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| author | Stephen J. Bailey Darinka Asenova |
| author_facet | Stephen J. Bailey Darinka Asenova |
| author_sort | Stephen J. Bailey |
| collection | DOAJ |
| description | The 2007-09 credit crunch has not only created problems for the UK’s public finances in meeting the costs of bailing out commercial banks and dealing with recession but also for providing better public services. This paper analyses the causes of the credit crunch, government policies to address it and its impact on the financing of new public sector infrastructure in the UK. It finds that provision of new public sector infrastructure and related services has been adversely affected by the impact of the credit crunch on Private Finance Initiatives (PFIs). Commercial banks are now generally only willing to lend to replace collapsed PFI bond financing if new PFI contracts reduce financial risks. By such means, PFIs can be expected to survive but within an increasingly diverse mixture of procurement methods. |
| format | Article |
| id | doaj-art-d71777254be042b2becbeb70c993ba8a |
| institution | Kabale University |
| issn | 2591-2240 2591-2259 |
| language | English |
| publishDate | 2009-03-01 |
| publisher | University of Ljubljana Press (Založba Univerze v Ljubljani) |
| record_format | Article |
| series | Central European Public Administration Review |
| spelling | doaj-art-d71777254be042b2becbeb70c993ba8a2025-01-22T10:56:15ZengUniversity of Ljubljana Press (Založba Univerze v Ljubljani)Central European Public Administration Review2591-22402591-22592009-03-017110.17573/cepar.v7i1.123The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UKStephen J. BaileyDarinka AsenovaThe 2007-09 credit crunch has not only created problems for the UK’s public finances in meeting the costs of bailing out commercial banks and dealing with recession but also for providing better public services. This paper analyses the causes of the credit crunch, government policies to address it and its impact on the financing of new public sector infrastructure in the UK. It finds that provision of new public sector infrastructure and related services has been adversely affected by the impact of the credit crunch on Private Finance Initiatives (PFIs). Commercial banks are now generally only willing to lend to replace collapsed PFI bond financing if new PFI contracts reduce financial risks. By such means, PFIs can be expected to survive but within an increasingly diverse mixture of procurement methods.https://journals.uni-lj.si/CEPAR/article/view/20273credit crunchbank bailoutsPFIs/PPPspublic debtpublic infrastructure |
| spellingShingle | Stephen J. Bailey Darinka Asenova The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK Central European Public Administration Review credit crunch bank bailouts PFIs/PPPs public debt public infrastructure |
| title | The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK |
| title_full | The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK |
| title_fullStr | The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK |
| title_full_unstemmed | The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK |
| title_short | The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK |
| title_sort | impact of the 2007 09 credit crunch on the funding of public sector infrastructure in the uk |
| topic | credit crunch bank bailouts PFIs/PPPs public debt public infrastructure |
| url | https://journals.uni-lj.si/CEPAR/article/view/20273 |
| work_keys_str_mv | AT stephenjbailey theimpactofthe200709creditcrunchonthefundingofpublicsectorinfrastructureintheuk AT darinkaasenova theimpactofthe200709creditcrunchonthefundingofpublicsectorinfrastructureintheuk AT stephenjbailey impactofthe200709creditcrunchonthefundingofpublicsectorinfrastructureintheuk AT darinkaasenova impactofthe200709creditcrunchonthefundingofpublicsectorinfrastructureintheuk |