The imperial treasury: appraisal methodology and regional economic performance in the UK

The disparity between the least and most productive regions in the UK is wide by the standards of many other Organisation for Economic Co-operation and Development (OECD) economies. An important factor is the concentration of public investment around London. The appraisal process for infrastructure investment projects follows the methodology set out in HM Treasury’s The Green Book. It is argued that this methodology has reinforced the regional imbalance; that recent changes are unlikely by themselves to redress the London bias in infrastructure; and that infrastructure investments also need to be based on a strategic view about economic development for the whole of the UK.