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Trends in British public investment

Author

Listed:
  • Tom Clark

    (Institute for Fiscal Studies)

  • Mike Elsby
  • Sarah Love

    (Institute for Fiscal Studies)

Abstract

British public investment has declined sharply both as a share of GDP and as a share of government spending since the 1970s. Only part of this decline is explained by privatisation, which transferred some public investment to the private sector. More important was the very large and permanent reduction in public house-building between the mid-1970s and the early 1980s. Between the late 1980s and the early 1990s, the rate of public investment recovered somewhat, but after that time it declined again, reaching a record low in 1999. The most recent decline in public investment has affected a range of central government programmes, and it has not been significantly offset by investment under the Private Finance Initiative. The government now plans to increase investment spending, although levels look set to remain low by historical standards for some time to come.

Suggested Citation

  • Tom Clark & Mike Elsby & Sarah Love, 2002. "Trends in British public investment," Fiscal Studies, Institute for Fiscal Studies, vol. 23(3), pages 305-352, September.
    • Handle: RePEc:ifs:fistud:v:23:y:2002:i:3:p:305-352
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    Cited by:

    1. Chris Chan & Danny Forwood & Heather Roper & Chris Sayers, 2009. "Public Infrastructure Financing: An International Perspective," Staff Working Papers 0902, Productivity Commission, Government of Australia.

    More about this item

    JEL classification:

    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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