2/2/2005UK Revenue: $212 Million from Cameras, $1.9 Billion in Parking Tickets
Speed cameras are generating record revenue of US $212 million for England and Wales. Parking fines exceed $1.9 billion.
Speed cameras are generating record profits for England and Wales. When first installed, the devices didn't make much profit because of the start-up installation costs. Revenue in 2000 was GBP 10.3 million with £1.3 million net profit. Gradually fines were raised by 30% and the number of installed cameras exploded. So too did profits. The latest numbers 2003-4 numbers show £112.2 million revenue (US $212 million) with £20 million (US $38 million) net profit.
Even more shocking is the £1 billion (US $1.9 billion) in revenue raised from parking tickets. To put these numbers in perspective, if US cities operated at the same level of efficiency, ticket revenue would run $11 billion. In the UK, insurance companies share the bounty by raising rates on motorists who receive speed camera tickets.
From 2003-2004, 1.8 million fixed penalty fines were issued.
English councils raised nearly £1 billion from parking charges in 2002-3, 50 per cent more than when Labour came to power.
Provisional figures for the most recent year available, 2003-04, show that revenue has leapt to £112.2 million across the 35 camera partnerships. An estimated £20 million profit will go to the Treasury when the £91.8 million cost of installation and maintenance is deducted.
An RAC survey, to be published next week, will say that motorists remain unhappy about the cameras. In a poll of drivers last year, the organisation found that 72 per cent of motorists thought speed cameras were "more about raising revenue" than safety.Source: Treasury makes GBP20m on speed cameras (London Telegraph (UK), 2/2/2005)
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