Abstract
Transport investments are undertaken by the public sector with the intent of yielding a net social benefit to the economy and to society. The methodology for appraising competing investments has been developed in the context of inter-urban rather than intra-urban schemes. Public transport investments within cities have financial, economic and environmental dimensions throgh the life of the project. This paper addresses the issues which arise in evaluating the desirability of proceeding with such investments in the context of scare public funds; against a background of the experience of the South Yorkshire Supertrain scheme.