Preliminary Results of the London Congestion Charging Scheme

Abstract

On February 17 th , 2003, the London Congestion Charging Scheme came into effect. Preliminary results show a significant response to the £5 ($8) charge. Congestion over the first year decreased by 30 per cent, overall traffic levels within the charging zone fell by 16 per cent, speeds for car travel increased by over 20 per cent and bus travel became more reliable.Elasticities of demand for trips by car with respect to generalized costs are estimated to be between -1.32 and -2.10. The average marginal congestion cost within the central zone is estimated at £1.65 per veh-km (approximately $2.58 per veh-km).The net economic benefits of the Scheme for the first year were £50 million ($78 million) and the net revenues, £68 million ($106 million). Net revenues are being mainly used to improve public transport.

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