The Secretary of State for Transport (Mr Philip Hammond)

Spending review decisions were informed by a value-for-money measure, used across Government. This measure incorporated the latest monetary values of carbon, published by the Department of Energy and Climate Change, which are higher than previous values. It also treated indirect tax revenues (such as fuel duty) in a way consistent with the Department for Transport’s “in-draft” benefit-cost ratio (BCR) formula. These changes tend to improve the BCRs of schemes that reduce carbon emissions and weaken the BCRs of schemes that result in higher carbon emissions.

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