§ Mr. Spearingasked the Secretary of State for Transport what are the criteria or basis for his requirements that individual electrification schemes proposed by the British Railways Board shall produce a return of at least 7 per cent.
§ Mr. David HowellThe requirement to produce a 7 percent. real rate of return is the standard test used by my Department in appraising all types of transport investment, and it has been accepted by the Railways Board as the appropriate test for investment in electrification.