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A regional perspective on the impact of the privatisation of the UK public industrial property stock

机译:英国公共工业产权股票私有化影响的区域视角

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摘要

There has been a long tradition, dating back to the 1930s, of promoting regional development in the assisted areas of the United Kingdom through the provision of industrial units. At the end of the 1980s the government decided that the time was then ripe to sell off the publicly owned portfolio of industrial and commercial property, which was predominantly to be found in the peripheral regions of the United Kingdom. The author charts the privatisation process in England and Scotland. It had been envisaged that the sale would lead to higher rents and invigorate private sector investment. More than a decade on, the author seeks to assess whether this forecast/hypothesis proved correct. The Scottish experience is used as a case study of the UK privatisation programme operating in a peripheral region, and the impact is assessed at two levels: on the Scottish market as a whole; and in the postprivatisation experience of the former publicly owned industrial estates. The original forecasts of the Conservative government prove to be naive. No evidence of a wide-scale rise in rents, or speculative development, was found, nor has there been an increase in institutional investment in industrial property; the public sector has begun to intervene again—albeit in a different guise.
机译:追溯到1930年代,通过提供工业部门促进联合王国受援地区的区域发展已有很长的传统。在1980年代末,政府决定卖出公共和工业产权组合的时机已经成熟,这种组合主要出现在联合王国的外围地区。作者绘制了英格兰和苏格兰的私有化过程。曾设想,出售将导致更高的租金并激发私营部门的投资。十多年来,作者试图评估这种预测/假设是否正确。苏格兰的经验被用作在周边地区开展的英国私有化计划的案例研究,其影响从两个层面进行评估:对整个苏格兰市场;以及前公有工业区的私有化后经验。保守党政府的最初预测被证明是幼稚的。没有发现租金大幅度上涨或投机性发展的迹象,也没有发现对工业产权的机构投资有所增加;尽管有不同的说法,公共部门已经开始再次介入。

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