ICE discussion paper: Public transport funding post-Covid - Executive summary

ICE discussion paper: Public transport funding post-Covid June 2021 Executive summary Since the onset of the Covid-19 pandemic, countries and cities around the world have made changes to public transport services to restrict the spread of the disease and ensure the safe transport of essential workers. [...] It is important that the public do clearly recognise the value of public transport and its importance to meeting national goals, but the extent to which they are willing to pay for it needs to be a key consideration. [...] Indeed, the National Infrastructure Strategy in November 2020 confirmed that investment is being directed to improve public transport networks in regional cities.24 However, this is not to the extent as recommended by the National Infrastructure Commission (NIC) in its National Infrastructure Assessment – the government did not fully endorse the NIC’s recommendations in areas of funding and empowe. [...] In a London context, for much of the past decade, the London Underground has generated a sizable operating surplus, which contributed to TfL having one of the highest farebox recovery ratios in the world of around 61% in 2019/20.38 This ratio is typically unheard of in world transport, with the norm around 40 to 45%. [...] Business cases for transport have typically been based on maximising capacity and decreasing journey times.43 With the 2020 reforms to the Green Book that mean the strategic case now has to better align to local objectives, there could be changes in how public transport projects are appraised and prioritised, particularly in light of the impacts from the pandemic.