Public Investment and Privatisation in the New Towns: A Financial Assessment of Bracknell

Abstract

New towns are often considered to be among the best examples of urban planning in Britain. In this paper their financial implications are assessed, drawing on the example of Bracknell. The financial costs and consequences of the new towns were initially very unclear, but the government took a long-term and fairly generous attitude towards investment because of the wider economic and social benefits that were anticipated. Expenditure controls tightened as the costs of development increased and the political and economic climate changed. Within the last decade government policy has been to sell off the publicly-owned assets created over the previous three decades. Bracknell ultimately achieved a reasonably favourable financial outcome. How and why this occurred are examined. Also, some of the effects of privatisation are explored and lessons are drawn for urban policy more generally.

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