This report presents the findings of the Economic Review Team that has assessed the economic components of the work of the European Rail Traffic Management System (ERTMS) Programme Team which has been reviewing different options for the implementation of ERTMS, which includes automatic train protection, in Great Britain. The report covers the choice of baselines for appraisal and options, impacts on railway capacity and railway operation, overall impacts on railway safety, inter-modal impacts, costs of installation, the risks of the project, and the role of cost-benefit analysis in the appraisal. The report concludes that it would not be appropriate to implement ERTMS to the timetable proposed by the Joint Inquiry into Train Protection. However, it also concluded that the economic analysis in the EPT report contains many weaknesses and seriously over or understates important quantitative impacts.
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