If it cost £10 to prevent each death then it is £10 well spent.
Indeed, but that is not to be confused with spending £10 on each of 30 million households, to prevent a death in just one of them - this is why it is not worth adding RCDs or ripping out plastic consumer units unless you are rewiring anyway.
Some dispassionate logic follows.
For quick sums, let us assume the treasury cost of a life is nearer £1million, then spending something more like 33p on each of 30 million households, per life saved nationally, over the expected life of the average such installation, would the correct threshold beyond which you are wasting resources.
So if we can save 10 lives a year nationally, and the average house is rewired every 30 years, (this is a high limit, lower nos reduce the monetary figures to follow) then there are potentially 300 lives to save or lose over the next 30 years, so £300 million to save spread over 30 million households, only then does each one get a tenner to spend on a cost effective safety measure.
Of course due to inflation, it may appear cheaper or more expensive to fix things next year, depending if life costs or part costs rise faster, but the ratiometric scaling idea still applies.
I'd be tempted to suggest in many cases we can save more lives with the same or less money from getting people to check for loose carpets on stairs, or checking their hot water temperatures.
If it cost £10 to prevent each death then it is £10 well spent.
Indeed, but that is not to be confused with spending £10 on each of 30 million households, to prevent a death in just one of them - this is why it is not worth adding RCDs or ripping out plastic consumer units unless you are rewiring anyway.
Some dispassionate logic follows.
For quick sums, let us assume the treasury cost of a life is nearer £1million, then spending something more like 33p on each of 30 million households, per life saved nationally, over the expected life of the average such installation, would the correct threshold beyond which you are wasting resources.
So if we can save 10 lives a year nationally, and the average house is rewired every 30 years, (this is a high limit, lower nos reduce the monetary figures to follow) then there are potentially 300 lives to save or lose over the next 30 years, so £300 million to save spread over 30 million households, only then does each one get a tenner to spend on a cost effective safety measure.
Of course due to inflation, it may appear cheaper or more expensive to fix things next year, depending if life costs or part costs rise faster, but the ratiometric scaling idea still applies.
I'd be tempted to suggest in many cases we can save more lives with the same or less money from getting people to check for loose carpets on stairs, or checking their hot water temperatures.
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