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London Transport Executive (LTE) is a public authority charged with providing, together with the British Railways Board and the National Bus Company, public passenger Transport services for Greater London. Under the Transport (London) Act 1969, the Greater London Council (GLC) shapes policy for transport in London. Many aspects of LTE policy, such as the level and structure of fares, must be approved by the GLC; daily operations are the responsibility of LTE. The authors examine certain changes in LTE policies by way of gaining insights into the significance of social cost benefit analysis (SCBA) in justifying alternative levels of output to be achieved by LTE. Because these suggest differences in the extent of support given by GLC, judgments about the significance of the various elements in the social costs and benefits are important. The authors also relate the findings to the standards now used in making these judgments, particularly the passenger‐mile‐per‐pound of subsidy measures. A variety of levels and range of impacts is assessed. [ABSTRACT FROM PUBLISHER]