Does scrapping speed cameras save money?

The government seems to getting rid of speed cameras mainly because it will save money, is this true?

Unfortunately figures are only available for safety camera program which includes mobile cameras and traffic light cameras as well as fixed speed cameras.

From 2000 to 2007 the average revenue was £10 million/yr. The safety camera program is funded centrally and receipts are passed back to government. Government has cut central funding by about 1/3 while still taking receipts leaving roughly a £38 million hole.

There is controversy over the effectiveness of cameras, a cochrane review of the evidence concludes:

“Despite the quality of the included studies being judged to be weak, the consistency of reported positive reductions in speed and crash outcomes across all studies suggest that SEDs are a promising intervention for reducing the number of road traffic injuries and deaths.”

A interesting figure to note is the cost of personal injuries of prevented accidents, the The national safety camera programme: four-year evaluation report estimates this roughly amounts to £258 million for 2003/4.

To put things in perspective the same report claims total cost of road accidents (including property damage, police and insurance costs) in 2002 was £17.8bn.