Speed cameras do not, as a general rule, reduce the occurence of accidents. They do, however, reduce the government's overdraft.
Cameras do not recognise or stop dangerous driving, aside from speeds over a certain figure that may or may not be dangerous given the road conditions. They do not recognise or stop drunk drivers. They do not recognise or stop aggressive drivers or road rage, or cars belching out black smoke or cars with no tax or insurance or a stolen vehicle.
In a nutshell, I'd rather they spent the money for cameras on getting qualified, trained traffic coppers on the road. I'd feel safer, even if I do get nicked for speeding...
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