And do you remember this bit?
I was informed that major infrastructure projects are evaluated to determine a Benefit Cost Ratio (BCR). Apparently, the methodology used in this appraisal system is stacked against the regions. Regional projects apparently produce very poor numbers under this system with - I am told - 5 constituting a good result for a project in the North. Yet, we are told, LHR R3 has a stellar BCR rating of 14. All arguments dismissed! Build it at once! For the benefit of everybody! But ... just hold on a minute. That BCR is calculated according to a £147Bn boost to GDP over 60 years ... err, what if the actual number really is £33.6Bn or even the higher estimate of £54.8Bn? And what if the construction cost overruns by 40% - just half of the figure we saw with the Channel Tunnel? And what if Sir Peter Hendy is correct and the support works come in at £10Bn? Note I'm being conservative here and not inserting TfL's £20Bn number. What is the BCR rating now? Below 5 yet (or even zero)? 5 being in line with all those neglected regional alternative bidders for public funding? Interesting, isn't it?