What price for the nation’s road network?

13 December 2006
 
The Treasury and Department for Transport have ordered an investigation into how the value of the UK’s road network should best be estimated, to inform decisions on funding levels for repairs.
The value of what is thought to be the country’s most expensive asset has not been pinned down. There has been patchy development of valuation estimates for local networks, and inconsistency between the way the Highways Agency and devolved administrations do it on one hand, and councils on the other.
The Chartered Institute of Public Finance and Accountancy has been appointed by government departments to consider how improved information on the value of local roads – and the impact spending has on this – could feed into resource allocations. Ian Carruthers, CIPFA policy and technical director, told Surveyor: ‘There’s inconsistency in how valuations are arrived at. Given this, how does the DfT know where to put the money?’ The research will draw on work carried out for the UK Roads Liaison Group and County Surveyors’ Society for guidance on valuations for asset management, and on the costing projects under way in some councils. It comes as a DfT review into the progress councils are making on transport asset management plans is launched.
The Government’s goal is to provide ‘full accounts’ for the whole of the public sector, so that Whitehall can see the impact spending is having on all publicly-owned assets.
Matthew Lugg, of the CSS, and chair of the UK Roads Board, welcomed the work. ‘Valuation is important and we want it to be embedded in local authority processes,’ he said.
CIPFA will consult on draft recommendations in the spring.

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