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CIT surveys spending gap
Page 8
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• Senior professionals within the transport industry believe that investment has failed to match the growth in transport demand, says a Chartered Institute of Transport survey.
The 30 executives surveyed agreed that the private sector has a vital role to play in transport investment "but it needs to add to public expenditure, not replace it, if it is to contribute to solving the investment gap", says the CIT.
Six problem areas are highlighted: constraints on central and local government budgets; inadequate mechanisms for private finance; long lead times from conception to completion of projects; the use of Cost Benefit Analysis (COBA) to evaluate projects; institutional constraints; and environmental and regional economic factors.
The findings have been used by the institute as its submission to the House of Commons Transport Select Committee's inquiry into public expenditure.
The CIT view is echoed by the County Surveyors Society which warns that Britain's motorways and primary roads need an extra 210.5 billion over the next 12 years.
El Capital expenditure on road infrastructure over the past five years shows that Britain has lagged behind West Germany and France. In a written Commons reply, Roads and Traffic Minister Peter Bottomley gave the figures above (all in millions, sterling).