‘The governance of local infrastructure funding and financing’

Abstract

Abstract The governance of infrastructure financing at the city and city-region scales is critical to the search for new and innovative funding mechanisms for infrastructure systems. The global financial crisis and economic downturn have focused attention on the role of infrastructure renewal and development in economic recovery and stimulus. Austerity and the fiscal consolidation of public finances have reinforced government efforts to reduce expenditure and debt, and secure private sector engagement and resources. Local actors in cities and city-regions have been compelled into finding new sources of private and even international capital, developing innovative business models for infrastructure provision and establishing new institutional and governance arrangements. This article analyses the context and emergent infrastructure funding and financing approaches, models and practices being formulated as part of a review of the City Deals in the UK. The experience of the City Deals raises critical questions about the emergent and recombinant forms of urban leadership and governance in cities and city-regions and the nature of centre-local relationships in the austerity state.