Member

An explanation of the methodology for computing these costs was set out in the treaty’s Explanatory Memorandum, and these figures have been verified by the Government Actuary’s Department and draw on long-established methodology to account for long-term projects. This is the standard formula set out in the Green Book, which the Government have used on all long-term projects since 2003. Noble Lords can have their view on whether they think that is the right or wrong way of doing it, but consistency is essential in these matters.