Asked by: Stephen O'Brien (Conservative - Eddisbury)
Question to the Cabinet Office:
To ask the Minister for the Cabinet Office, in what circumstances he uses a calculation of the (a) value of preventing a fatality, (b) willingness to pay and (c) cost-per-quality adjusted life year approach to quantify the value of a policy intervention; what other tools he uses to quantify the benefit of a policy intervention; and if he will make a statement.
Answered by Nick Hurd
These things are not easy to quantify. Approaches to quantifying benefits of a policy intervention are used in accordance with principles outlined in HM Treasury's guidance on conducting appraisal and evaluation in central government (known as the “Green Book”). The Green Book recognises that using these approaches to quantify the benefits of an intervention is challenging, and that the approaches should be used appropriately.