Transport for London
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Spending Review confirms continued transport investment
The Chancellor has pledged his commitment to target vital investment for transport in the capital.
An £11bn funding settlement, to 2020/21, was confirmed in the Government's Spending Review. It will ensure TfL can continue the modernisation of the capital's road, rail and cycling networks, support thousands of jobs and new homes, and promote economic growth across the UK.
Crossrail 2 - a major new railway serving London and the wider South East - received a boost as the Chancellor confirmed that it would be eligible for funding from a new £300m Transport Development Fund for the next generation of transport infrastructure projects.
TfL also confirmed that from 2019 it will cover all day-to-day running costs from non - Department for Transport grant sources of income - including fares, commercial revenues and the retention of business rates from non-domestic and commercial properties - an income stream expected to rise as the capital's economy continues to grow.
This means that London will be the only major European city transport network not to require an operational subsidy from central Government. This has been made possible through major improvements to capacity and reliability of the network which has meant significant reductions in maintenance costs and the implementation of a major savings and efficiencies programme, and an increase in commercial revenues.
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