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The Completion And Sale Of High Speed 1
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Book Synopsis The completion and sale of High Speed 1 by : Great Britain: National Audit Office
Download or read book The completion and sale of High Speed 1 written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2012-03-28 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The High Speed 1 line was delivered within the overall funding and timescale available for the project. However, this was at a higher cost and later than its targets. Construction of the line cost £6,163 million,18 per cent higher than the target costs. Despite missing these targets, this performance compares well with other railway projects. The line has performed well since it opened, with only 0.43 per cent of services being delayed in 2010-11 by infrastructure incidents, such as track or signal failures. However, the number of international passengers using the line is lower than originally forecast. This left the taxpayer exposed to the risk of lower-than-expected passenger income, which had been expected to repay the project debt. London & Continental Railways Ltd (LCR), which is owned by the Department, is in partnership with private sector developers at King's Cross and Stratford where development is under way. The original business case in 1998 was based on benefits to transport users from faster journey times and increased rail capacity and regeneration benefits. The total value of these benefits is not known as the Department has started to identify the methods it will use to evaluate the project's costs and benefits. The Department has not reassessed these costs and benefits since 2001, despite assurances to the Public Accounts Committee that it would do so. Restructuring LCR before the sale removed open-ended taxpayer support and the line was made an attractive opportunity for investors. The Department handled the sale well and, at £2,048 million, the winning bid was higher than expected.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215046673 Total Pages :60 pages Book Rating :4.0/5 (466 download)
Book Synopsis The completion and sale of High Speed 1 by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book The completion and sale of High Speed 1 written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2012-07-06 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The high speed railway linking London to the Channel Tunnel, known as High Speed 1, has now been fully open for almost five years and has had a good performance record. There have also been some costly mistakes. The Department originally expected London & Continental Railways Limited (LCR) to service the project debt from future revenues from Eurostar UK. However by the end of 1997 revenues were substantially below LCR's forecasts. Consequently, in 1998, the Department agreed to restructure the deal and guarantee most of LCR's debt. The taxpayer is now servicing and repaying the project debt of £4.8 billion. Passenger demand for international services on the line has been much lower than forecast and that is the root cause of the failure of the original deal. Planning assumptions failed to properly consider the impact on passenger numbers of the growth of low cost airlines and the competitive response of ferry companies. The Department still does not have plans in place to evaluate fully the impact of HS1. Total taxpayer support for the line, over a 60 year period to 2070, has an estimated present value of £10.2 billion. Benefits for passengers from shorter journey times over this period have an estimated present value of £7 billion. The basis of this cost/benefit analysis, however, is open to challenge. Also the Department will need to evaluate HS1's regeneration benefits and wider economic impacts worth many billions of pounds if the project is to demonstrate value for money. The Department must also learn the lessons as it develops its plans for HS2.
Book Synopsis High Speed 2 by : Great Britain: National Audit Office
Download or read book High Speed 2 written by Great Britain: National Audit Office and published by Stationery Office. This book was released on 2013-05-16 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this early examination of progress by the Department for Transport in planning for the High Speed 2 rail network, the National Audit Office expresses reservations about the Department's business case. The Department has poorly articulated the strategic need for a transformation in rail capacity and how High Speed 2 will help generate regional economic growth. The Department's methodology for appraising the project puts a high emphasis on journey-time savings, but the relationship between these savings and the strategic reasons for doing the project, such as rebalancing regional economies, is unclear. The benefit-cost ratio calculated for phase one has twice contained errors and the Department has been slow to carry out its own assurance of the underlying analysis. The most recent benefit-cost ratio (published in August 2012) is 1.4 to 1 but is likely to change as the ratio is sensitive to changes in data underpinning assumptions, such as GDP growth forecasts. It does not, however, reflect the Department's current assumption on the relationship between passenger numbers and GDP growth. The Department should also carry out research into how business travellers use their time on trains. HS2 Limited has also not yet analysed the effect on passenger demand, revenues and the benefit-cost ratio of charging passengers premium prices. The NAO estimates that there is a £3.3 billion funding gap over four years (2017-18 to 2020-21) which the government has yet to decide how to fill.
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