<title>Abstract</title> The <roman>ex‐post</roman> facto cost of using private finance in roads is examined using a case study approach. The paper focuses on the first eight design, build, finance and operate (DBFO) roads commissioned by the UK Government’s Highways Agency and paid for through a system of shadow tolls....

<title>Abstract</title> This paper reviews the experience of the train‐leasing model, a vital but invisible component of Britain’s privatized railway system, using publicly available financial information. As a result of the leasing regime established at privatization, the leasing charges for the old...