A settlement which will support almost £3.6bn worth of projects and secure the long-term future of London’s transport network has been agreed with TfL. Quadrant Transport investigates how the settlement will boost the modernisation of the network.
The settlement is said by the UK Government to ensure the network is not only protected against potential lost revenue caused by the uncertainty of post-pandemic demand but will also enable the delivery of several projects set to revolutionise transport across London.
Active Travel Schemes Will Be Boosted By £80m
Included in these projects are the brand-new Piccadilly line trains, the modernisation and upgrades across the District, Metropolitan, Hammersmith and City and Circle lines.
Specific upgrades include supporting the repair of Hammersmith Bridge, the extension of the Northern Line and vital improvements to Elephant and Castle station.
A total of £80m will be dedicated every year to active travel schemes, expanding walking and cycling infrastructure which will reduce congestion and pollution across the capital.
Seeing TfL Get Back On A Steady Financial Footing Is Vital
As part of the agreement, the government has said that London Mayor Sadiq Khan has agreed to continue work on the introduction of driverless trains on the London Underground.
Transport Secretary, Grant Shapps said: “For over 2 years now we’ve time and again shown our unwavering commitment to London and the transport network it depends on, but we have to be fair to taxpayers across the entire country.
“This deal more than delivers for Londoners and even matches the Mayor’s own pre-pandemic spending plans but for this to work, the Mayor must follow through on his promises to get TfL back on a steady financial footing, stop relying on government bailouts and take responsibility for his actions.”
Now is the time to put politics to one side and get on with the job – Londoners depend on it.
TfL Aims To Be Financially Sustainable By 2023
Also, as part of the settlement, the Mayor has also committed to submitting proposals to reform pensions, achieved the revenue generation proposals promised in February and progress proposals through public consultation, and continued to progress ongoing initiatives to modernise, reform and become more efficient
Setting out and implementing areas where these changes can be made as well as accelerating crucial reforms to ensure TfL becomes financially sustainable by 2023 is the essential focus for the Mayor and TfL.
It follows on from four previous emergency deals, over £5bn of upfront funding and a pledge of over a bn pounds of investment per year at the most recent spending review at a time of significant financial pressure to make sure that vital services remained running.