of Railtrack has put public–private infrastructure projects at risk.
City fund managers have warned the government that the collapse Senior figures from firms including Hermes, Merrill Lynch and UBS have written a joint letter to chancellor Gordon Brown telling him that the decision to force Railtrack into liquidation has "caused considerable damage" to confidence.

The letter says: "Investors will now be forced to negotiate for improved terms in any future deals with government, including the level of interest payable on loans to PPP and other infrastructure projects."

The points raised in the letter echo concerns about PPPs that bankers expressed to Building in October after Stephen Byers put Railtrack into administration.