DfT revises the value of time

The DfT is proposing big changes to the value of time savings used in transport project appraisal. Andrew Forster summarises the proposals, and the research programme that informed them

Andrew Forster

13 November 2015

Understanding and Valuing Impacts of Transport Investment

The monetised value of journey time savings typically forms the largest economic benefit in appraisals of new transport infrastructure. Even savings of just a few minutes to individual travellers can soon add up if millions of travellers use the infrastructure each year.

The current recommended values of time in the DfT’s WebTAG appraisal guidance are based on 2003 research by the Institute for Transport Studies at the University of Leeds (ITS Leeds) and independent consultant John...