After an eventful and uncertain end to the decade politically, the U.K. government and the infrastructure industry will be keen to make progress in delivering the infrastructure investment the country needs for the long-term benefit of society — not just in terms of socioeconomic value but also to make the promise of net-zero carbon a reality.

However, before we look forward, it is worth reflecting on the last decade, a period that began with the industry still in recovery mode following the global financial crisis. Back in 2010, when banks were no longer providing long-term loans (and very little short-term finance, either), the total volume of infrastructure debt deals was only £8.3 billion ($10.8 billion) — a little over a quarter of the value in 2019, according to the IMF’s World Economic Outlook (October 2019). The market was dominated by social infrastructure, with around 70 percent of activity coming via private finance initiatives (PFI) or public-priva