NEW LABOUR, PUBLIC-PRIVATE PARTNERSHIPS AND RAIL TRANSPORT POLICY

The New Labour government has favoured the deployment of Public–Private Partnerships (PPPs) to provide investment in transport infrastructure. The results of this policy on the railways have, however, been disappointing in terms of cost and efficiency. Public transport PPPs require complex contracts...

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Bibliographic Details
Published in:Economic affairs (Harlow) 2009-03, Vol.29 (1), p.20-25
Main Author: Jupe, Robert
Format: Article
Language:English
Subjects:
Bankruptcy
British Rail
Infrastructure
London Underground
Metronet
PFI
PPP
Private Finance Initiative
Public private partnerships
Public transportation
rail privatisation
Railtrack
Railway networks
Safety standards
Studies
Subways
Third Way
Tube Lines
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Summary:The New Labour government has favoured the deployment of Public–Private Partnerships (PPPs) to provide investment in transport infrastructure. The results of this policy on the railways have, however, been disappointing in terms of cost and efficiency. Public transport PPPs require complex contracts underpinned by regulatory mechanisms in order to maintain performance and safety standards. Moreover, risk transfer is difficult to achieve, as essential infrastructure cannot be left to the ultimate market discipline of bankruptcy.
ISSN:0265-0665
1468-0270
DOI:10.1111/j.1468-0270.2009.01862.x