Land values and transport funding.

[Wetzel Dave]

Colleagues

Three items which may interest you.	Please e-mail me if you want more
details.

1. Jubilee Line Extension. Recent study by Jones Lang LaSalle for TfL has
estimated that the land around two (of the eleven stations) has increased by
£2.8bn. (The whole line only cost £3.5bn).  TfL Press Release available.


2.  Research initiated by the European Conference of Ministers of Transport
(ECMT) - undertaken with the support of the national governments, presented
to Europe's Transport Ministers last year and now published by the OECD in
Reforming Transport Taxes - indicates that optimal pricing could generate
significant reductions in congestion and pollution, important shifts in
modal share, and substantial fiscal surpluses that could fund both increases
in investment expenditure and reductions in distortionary taxes.
One of the authors, Dr Rana Roy, has just completed a report, Not by
Spending Alone, published by the Railway Forum which summarises some of the
key results from the ECMT study and reports on the research undertaken by
Professor Nicolaus Tideman and his colleagues in the US on the gains from
the optimal taxation of economic rents in land use.

Research of this kind is not intended to be a substitute for the concrete
steps being taken by Government for immediate corrections to taxes and
charges in various sectors.  But the calculation of optimal values for each
sector as is proposed in Not by Spending Alone could serve as an important
complement to existing policy by supplying a benchmark against which to
measure the utility and future direction of the partial corrections that are
practicable in the short run. 	Full report available.

3. A short summary produced by the Waterfront Conference Company of the
proceedings at the conference held on July 6th "Financing Transport
Infrastructure through Land Values - Making It Happen!". Speakers included
Jay Walder (TfL), John Redwood MP, Chris Hulme MEP, 
Tom Brake MP. Bill Tyson OBE, Joshua Vincent from USA, Darren Johnson Green
AM, Liz Peace British property Federation, Richard Walker Chair, Transport
Planning Society, Fred Harrison Director of the Land Research Trust and reps
from Jones Lang LaSalle. Summary available

Dave
Dave Wetzel; Vice-Chair; Transport for London. 
Windsor House. 42-50 Victoria Street. London. SW1H 0TL. UK
Tel: 020 7941 4200
Windsor House is close to New Scotland Yard. Buses 11, 24, 148, 211 and N11
pass the door.
Nearest Tube: St. James's Park Underground station.
Nearest mainline stations: Waterloo and Victoria (Both a walk or short bus
ride).





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