Abstract
The ‘credit binge’ of the 1990s and early 2000s facilitated the use of private finance for public services. However, this ‘easy money’ debtfuelled period of economic growth was followed by the ‘credit crunch’ beginning in 2007. Combined with the 2009 economic recession, the UK government faced a pronounced dilemma because its plans for increased spending on public service infrastructures were increasingly undermined by difficulties faced by Private Finance Initiatives (PFIs) and similar ventures in obtaining commercial bank loans. Many private companies involved in the construction and management of Public-Private Partnerships (PPPs) facilities also experienced severe financial problems. In the changing macroeconomic and microeconomic conditions, it therefore became essential for public sector departments to identify the most effective and efficient methods for the financing and delivery of public services and related physical infrastructure.
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