What the Lower Thames Crossing and Euston station projects say about the government’s private finance plans

By Joey Gardiner2025-05-27T06:00:00

Aerial-view-of-HS2s-London-Euston-Station-site_3-1-1800x1180

News that the government is considering restarting the regular use of private finance to pay for public infrastructure has got some in the sector excited about the possibility of private capital funding a significant pipeline of work.

But the truth is that, while PFI was cancelled, private finance has never wholly gone away. The regulated asset base (RAB) model, under which investment is secured against a private revenue stream in a market underpinned by statutory regulation, still successfully funds water and energy sector investment in the UK.

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