United Kingdom Infrastructure Investment and Finance from a European and Global Perspective
Abstract
This study provides an overview of UK infrastructure investment and finance in a longer-term, international perspective, yielding interesting facts and insights for both investors and policy makers worldwide. The UK is one of the leading countries in terms of private sector involvement in infrastructure, with several decades’ experience in regulating privatized utilities and in developing public-private partnerships (PPP). It has attracted substantial European and global capital, and London is a major market place for the infrastructure and green business. However, the UK has also seen decades of weak spending by the state (and taxpayers) on infrastructure. The country needs more investment when public budgets are already stretched. The question is whether private capital will be so easily available in future, especially from institutional and foreign investors.
References
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[2] Alonso, J., Arellano, A. and Tuesta, D. 2016. Pension Fund Investment Infrastructure and Financial Regulation. In: Mitchell, O., Maurer, R. and Orszag, M., Retirement System Risk Management: Implications of the New Regulatory Order. Oxford University Press. DOI: 10.1093/acprof:oso/9780198787372.003.0010
[3] Beeferman, L., Wain, A. 2012. Defining Matters. Harvard Law School Paper.
[4] Blanc-Brude, F. 2012. Pension Fund Investment in Social Infrastructure. Edhec-Risk Institute.
[5] Cobley, M. 2013. Privately Held Share of UK Infrastructure Climbs Steadily. Financial News, 25 November.
[6] Coelho, M.C. and Dellepiane, S. 2016. Power, Transport, Aviation and Water: the Political Economy of Infrastructure in the UK. University of Strathclyde, International Public Policy Institute, Occasional Paper.
[7] Della Croce, R. 2011. Pension Funds Investment in Infrastructure: Policy Actions. OECD Working Papers on Finance, Insurance and Private Pensions, No. 13.
[8] Donaubauer, J., Meyer, B., Nunnenkamp, P. 2014. A New Global Index of Infrastructure. Kiel Institute for the World Economy, Working Paper No. 1929, June 2014.
[9] Égert, B., Kozluk, T. and Sutherland, D. 2009. Infrastructure and Growth: Empirical Evidence. OECD Economics Department Working Papers, No. 685.
[10] Engel, E., Fischer, R., Galetovic, A. 2014. The Economics of Public-Private Partnerships. A Basic Guide. Cambridge University Press.
[11] Flyvbjerg, B. 2009. Survival of the unfittest: why the worst infrastructure gets built - and what we can do about it. Oxford Review of Economic Policy, 25(3): 344–367.
[12] Grice, J. 2016. National accounting for infrastructure. Oxford Review of Economic Policy, 12(3): 431-445.
[13] Hall, D. 2015. Why Public-Private Partnerships Don’t Work. PSIRU.
[14] Helm, D. 2009. Infrastructure, investment and the economic crisis. In: Helm, D., Wardlaw, J., Caldecott, B. (Ed.) 2009. Delivering a 21st Century Infrastructure for Britain, Policy Exchange, London.
[15] Helm, D. 2013. British infrastructure policy and the gradual return of the state. Oxford Review of Economic Policy, 29(2): 287-306.
[16] Helm, D. and Tindall, T. 2009. The evolution of infrastructure and utility ownership and its implications. Oxford Review of Economic Policy, 25(3): 411-434.
[17] Heseltine, M. 2012. No Stone Unturned. Lord Heseltine Report. Available at: http://dera.ioe.ac.uk/16031/7/12-1213-no-stone-unturned-in-pursuit-of-growth_Redacted.pdf
[18] Inderst, G. 2009. Pension Fund Investment in Infrastructure. OECD Working Paper on Insurance and Private Pensions, No. 32.
[19] Inderst, G. 2010. Infrastructure as an asset class. EIB Papers, 15(1): 70-105.
[20] Inderst, G. 2013. Private Infrastructure Finance and Investment in Europe. EIB Working Papers, No. 2.
[21] Inderst, G. and Della Croce, R. 2013. Pension Fund Investment in Infrastructure: a Comparison between Australia and Canada. OECD Working Papers on Finance, Insurance and Private Pensions, No. 32.
[22] Inderst, G., Kaminker, Ch., Stewart, F. 2012. Defining and Measuring Green Investments. OECD Working Papers on Finance, Insurance and Private Pensions, No.24.
[23] Long, N. 2016. Global WOW: the 388 infrastructure funds doing battle for LGPS cash revealed. Modern Investor, 1 November 2016.
[24] Makovšek, D. and Veryard, D. 2016. The Regulatory Asset Base and Project Finance Models. International Transport Forum, Discussion Paper, No. 01.
[25] Mor, F. 2017. Infrastructure Policies and Investment. House of Commons Library, March 2017.
[26] Panayiotou, A. and Medda, F. 2014. Attracting private sector participation in infrastructure investment: The UK case. Public Money & Management, 34(6): 425-431.
[27] Pisu, M., Pels, P. and Bottini, N. 2015. Improving Infrastructure in the United Kingdom. OECD Economics Department Working Papers, No. 1244.
[28] Raco, M. 2016. (Ed.), Britain for sale? Perspectives on the costs and benefits of foreign ownership. The Smith Institute.
[29] Rhodes, Ch. 2014. Infrastructure Policy, House of Commons Library, 9 Dec 2014.
[30] Stern, J. 2014. The British Utility Regulation Model: Its Recent History and Future Prospects. CCRP Working Paper No 23, City University London.
[31] Subacchi, P., Pickford, S., Tentori, D. and Huang, H. 2014. Building Growth in Europe. Chatham House Report.
[32] Topham, G. 2017. British rail is nationalised all over again – by foreign states. The Guardian, 1 April 2017.
[33] Vecchi, V., Hellowell, M. and Gatti, S. 2013. Does the private sector receive an excessive return from investments in health care infrastructure projects? Evidence from the UK. Health Policy, 110(2-3): 243-270.
[34] Wagenvoort, R., De Nicola, C and Kappeler, A. 2010. Infrastructure Finance in Europe: Composition, Evolution and Crisis Impact. EIB Papers, 15(1): 16-39.
[35] Wellings, R. 2016. Without Delay. Getting Britain’s Railways Moving. IEA Discussion Paper No.69.
*** ABI 2015. UK Insurance & Long Term Savings. Key Facts. Association of British Insurers.
*** ACE 2012. Performance of PFI. 1996-2010: lessons learned. Association for Consultancy and Engineering.
*** AIC 2017. Investment companies tables. The Association of Investment Companies. Retrieved March 2017
*** Arcadis 2015. Global Built asset Wealth Index 2015.
*** Arcadis 2016. Third Global Infrastructure Investment Index 2016.
*** ASCE 2016. Failure to Act. Closing the Infrastructure Investment Gap for America’s Future. American Society of Civil Engineers.
*** ASCE 2017. Report Card for America’s Infrastructure. American Society of Civil Engineers.
*** CBI 2016. Thinking Globally. Delivering Locally. CBI-AECOM Infrastructure Survey 2016.
*** CECA 2013. Securing our economy: The case for infrastructure. CECA and Cebr, London.
*** Citibank 2016. Infrastructure for Growth. Citi GPS: Global Perspectives & Solutions.
*** City of London 2013. Institutional Investment in the UK from Emerging Markets. Special Interest Paper.
*** City of London 2016. Globalising Green Finance: The UK as an International Hub.
*** Dealogic 2015. Project Finance Review. Full Year 2014. Available at: http://dmi.thomsonreuters.com/Content/ Files/4Q2014_Global_Project_Finance_Review.pdf
*** EIB 2016a. Investment and Investment Finance in Europe. Financing productivity growth. European Investment Bank.
*** EIB 2016b. Restoring EU competitiveness. 2016 Updated version. European Investment Bank.
*** EPEC 2017. Market Update. Review of the European PPP Market in 2016.
*** EPI 2016. 2016 Environmental Performance Index. Yale University.
*** Ernst & Young 2017. Renewable energy country attractiveness index (RECAI). May 2017.
*** European Commission 2011. Stakeholder Consultation Paper on the Europe 2020 Project Bond Initiative. Commission Staff Working Paper, February 2011.
*** European Commission 2016. State-Owned Enterprises in the EU: Lessons Learnt and Ways Forward in a Post-Crisis Context. European Economy Institutional Paper 31, July 2016.
*** First State Investments 2016. Infrastructure regulation: the road ahead. Research Paper.
*** FT 2016. The FDI Report 2016. Financial Times, FDI Intelligence.
*** GIH 2017. InfraCompass. Set your infrastructure policies in the right direction. Global Infrastructure Hub In cooperation with KPMG.
*** GLIO 2017. Global Listed Infrastructure Total Returns & Breakdowns. Global Listed Infrastructure Organisation.
*** HM Government 2017. Building our Industrial Strategy. Green Paper, January 2017.
*** HM Treasury 2008. Infrastructure procurement: delivering long-term value.
*** HM Treasury 2010. National Infrastructure Plan.
*** HM Treasury 2011. National Infrastructure Plan.
*** HM Treasury 2012a. National Infrastructure Plan: update.
*** HM Treasury 2012b. A new approach to public private partnerships.
*** HM Treasury 2013. National Infrastructure Plan.
*** HM Treasury 2014. National Infrastructure Plan.
*** HM Treasury 2016a. National Infrastructure Delivery Plan 2016-2021.
*** HM Treasury 2016b. National Infrastructure Delivery Plan 2016-2021. Funding and Finance Supplement.
*** HM Treasury 2016c. National Infrastructure and Construction Pipeline. Analysis.
*** HM Treasury 2016d. Private Finance Initiative and Private Finance 2 Projects: 2016 Summary Data. December.
*** ICE 2014. The State of the Nation, Infrastructure 2014. Institution of Civil Engineers.
*** IEA 2016. Infrastructure spending and economic growth. Institute of Economic Affairs, November 2016.
*** Inclusive Prosperity Commission 2015. Report of the Commission on Inclusive Prosperity. Center for American Progress.
*** InfraDeals 2016. InfraDeals trend report: 2015.
*** Institute of Directors 2010. Infrastructure – mind the gap! London.
*** Insurance Europe 2013. Funding the future: Insurers’ role as institutional investors.
*** ITF 2017. Strategic Infrastructure Planning. International Transport Forum/OECD.
*** Local Government Group 2010. Funding and Planning for Infrastructure.
*** LSE Growth Commission 2013. Investing for Prosperity. Report of the LSE Growth Commission.
*** McKinsey 2013. Infrastructure productivity: How to save $1 trillion a year. McKinsey Global Institute.
*** Mercer 2016. European Asset Allocation Survey.
*** Nabarro 2016. Nabarro Infrastructure Index: Bridging the gap.
*** NAO 2011. Lessons from PFI and other projects. National Audit Office, HC 920.
*** NAO 2013. Planning for economic infrastructure. National Audit Office, HC 595.
*** NAO 2015a. The choice of finance for capital investment. National Audit Office, Briefing.
*** NAO 2015b. UK Guarantee scheme for infrastructure. National Audit Office, HC 909.
*** NIC 2017. National Infrastructure Commission framework document. January 2017.
*** Northern Ireland Executive 2012. Investment Strategy for Northern Ireland 2011-21.
*** OBR 2016. Financial sustainability analytical paper: Public sector balance sheet. Office for Budget Responsibility, July 2016.
*** OBR 2017. Public Finances Databank. March 2017.
*** OECD 2014a. Pooling of Institutional Investors Capital – Selected Case Studies in unlisted equity infrastructure.
*** OECD 2014b. Private Financing and Government Support to promote Long-term Investments in Infrastructure.
*** OECD 2015a. Mapping Channels to Mobilise Institutional Investment in Sustainable Energy, Green Finance and Investment. OECD Publishing, Paris.
*** OECD 2015b. OECD Economic Surveys, United Kingdom.
*** OECD 2015c. OECD Review of Public Governance of Public-Private Partnerships in the United Kingdom.
*** OECD 2016. Annual Survey of Large Pension Funds and Public Pension Reserve Funds 2015.
*** OFT 2010. Infrastructure Ownership and Control Stock-take. Office of Fair Trading Report 1290, December.
*** ONS 2015a. Value of UK infrastructure. Office of National Statistics, 3 December 2015. Available at: https://www.ons.gov.uk/aboutus/transparencyandgovernance/freedomofinformationfoi/valueofukinfrastructure
*** ONS 2015b. Ownership of UK Quoted Shares: 2014.
*** ONS 2016. The UK national balance sheet: 2016 estimates. Office for National Statistics, 18 August 2016.
*** ONS 2017. Output in the Construction Industry explorable datasets. April 2017.
*** Pinsent Masons 2014. China Invests West. Pinsent Masons and Cebr, London.
*** PLSA 2016. PLSA annual survey 2016. Pensions and Lifetime Savings Association.
*** Preqin 2015. The Top 100 Investors in Infrastructure. Infrastructure Spotlight, June 2015.
*** Preqin 2016a. 2016 Preqin Global Infrastructure Report. London.
*** Preqin 2016b. The UK Infrastructure Market. London.
*** PwC 2015a. Capital project and infrastructure spending. Outlook to 2025. Research findings.
*** PwC 2015b. The role and impact of specialist investors in UK infrastructure.
*** Reform 2009. Road to Recovery.
*** RICS 2013. The Global Infrastructure Challenge: The Role of PPP in a New Financial and Economic Paradigm.
*** S&P 2007. Listed infrastructure Assets – A Primer. Standard & Poor’s.
*** S&P 2016. Top 100 global infrastructure investors. IPE Real Estate, Special Issue: Real Assets 2016.
*** The Economist 2014. Channel tunnel’s 20th birthday holds lesson on big projects. 5 May 2014.
*** The Scottish Government 2015. Infrastructure Investment Plan 2015.
*** TheCityUK 2014. Infrastructure 2014. Financial Market Series.
***TheCityUK 2015. Sovereign Wealth Funds. Financial Markets Series.
*** Thomson Reuters 2017. Project Finance Review. Full Year 2016.
*** TUC 2016. UK languishing near bottom of OECD rankings for investment in vital infrastructure. Trades Union Congress, 16 November 2016.
*** UBS 2016. Pension Fund Indicators 2016.
*** UKRN 2014. UK Regulated Infrastructure. An Investor Guide. UK Regulators Network.
*** UNCTAD 2016. World Investment Report 2016. Investor Nationality: Policy Challenges.
*** WEF 2016. The Global Competitiveness Report 2016–2017. World Economic Forum.
*** Welsh Government 2012. Wales Infrastructure Investment Plan for Growth and Jobs.
*** Willis Towers Watson 2016. Global Alternatives Survey 2016.
*** World Bank 2016. Connecting to Compete 2016. Trade Logistics in the Global Economy.
*** World Bank 2017. World Development Indicators. Retrieved March 2017.
Published
2017-12-11
How to Cite
INDERST, Georg.
United Kingdom Infrastructure Investment and Finance from a European and Global Perspective.
Journal of Advanced Studies in Finance, [S.l.], v. 8, n. 1, p. 30-65, dec. 2017.
ISSN 2068-8393.
Available at: <https://journals.aserspublishing.eu/jasf/article/view/1569>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.14505//jasf.v8.1(15).03.
Section
Journal of Advanced Studies in Finance
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