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<p>Transport schemes, including active travel schemes, and strategic and local authority
road schemes are appraised following guidance set out in DfT’s Transport Analysis
Guidance (TAG). Appraisals provide a comprehensive and systematic assessment of the
impacts of a scheme. The economic dimension considers both impacts which can be monetised
(and included in a Benefit Cost Ratio) and impacts which cannot be robustly valued
but which are still assessed and reflected in the value for money assessment. Our
appraisals capture impacts of transport investment across the economy, society and
environment.</p><p> </p><p> </p><p> </p><p> </p><p>Schemes are assessed by the department
following the 5 case business case model. Value for money is one of several factors
the department considers.</p><p> </p><p>A post-opening project evaluation assesses
whether the benefits set out in a scheme’s business case are on track to be realised
through systematically evaluating metrics in relation to impacts including traffic
flows, journey times, journey time reliability, safety and the environment. Evaluation
reports are published on the Government website.</p><p> </p><p>The Second Road Investment
Strategy (RIS2) sets out the government’s plans for developing and improving the Strategic
Road Network between 2020/21 and 2024/25. The RIS2 Analysis overview published in
March 2020, found that at this point of appraisal for the Investment Plan, RIS2 overall
is High Value for Money (VfM) – meaning that more than £2 of benefits are generated
for each £1 spent.</p><p> </p><p>Local major roads schemes within the Major Roads
Network programme have been estimated to have an average Benefit Cost Ratio of around
4, indicating that the programme will deliver Very High value for money. Schemes in
the programme have a typical BCR range of between 1.5 and 5, with a small number of
schemes having a BCR outside of this range.</p><p> </p><p>Active travel investment
typically has at least high value for money. The average benefit-cost ratio, weighted
by scheme cost, for Active Travel Fund 4 estimated that for every £1 of investment
in active travel infrastructure schemes, there would be a return £2.40 of economic,
social, and environmental benefits.</p><p> </p><p>Behaviour change interventions funded
by the Department have been estimated by our delivery partners to have a benefit cost
ratio of 2.5 in 2021/22 for the Big Bike Revival and 5.5 in 2022/23 for Walk to School
Outreach programmes.</p><p> </p>
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