Infraread Issue 12 | UK 24 Oct 2018

The global infrastructure industry: following Darwin or the ostrich

A recent article in the Financial Times made great play of the fact that the total amount invested in new water infrastructure in the UK since privatisation - largely funded by borrowing - was broadly the same as the aggregate dividends paid to water company shareholders over the same period.  In other words, the article argued, a publicly-owned water industry could have invested the same amount debt-free, and burdening the industry with high leverage was principally a means of extracting large dividends for the shareholders.

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