Livingstone unveils £10 billion London transport investment plan
Ken Livingstone has unveiled a £10 billion investment plan for London’s transport network, which he says will transform London’s transport network.
The money, if it is approved by the Transport for London board, will be invested over a five year period. Key projects highlighted include new air cooled Tube trains, an updating of the Tube network, extension of the Metropolitan line, a possible westward extension of the congestion charge and an expansion of the CCTV system on the railways.
The money comprises of £4 billion already scheduled for the Tube under PPP and PFI contracts, an additional £3 billion of borrowing with the remaining money provided by government grants and revenue surplus.
Speaking at City Hall this morning, Mr Livingstone said: “This is an once-in-a-lifetime opportunity to reverse decades of under-investment. It marks an end to stop-start funding for London’s transport. The programme will deliver the real improvements in the services and capacity needed to keep London on the move. Over the next four years we will be extending the kind of improvements we have already made to London bus services to the Tube.
“Whether you walk, cycle or travel by bus or Tube, over the next five years your journey should become safer, more reliable and more comfortable and London will be a world leader for environmentally friendly and accessible public transport.”
Discussions with the Government about the funding of Crossrail are ongoing.
London Transport Minister Tony McNulty said: “Today’s announcement should particularly give Londoners real confidence to put their energy behind the Olympic bid. I urge everyone to back the bid which, if successful, will bring huge benefits to the whole country.”
The proposals have, however, not impressed the opposition. The Conservative transport spokesman in the London Assembly, Roger Evans, said: “The major projects that would make a real difference – such as Crossrail and Thameslink are barely mentioned. Instead there are numerous smaller schemes that will offer miniscule solutions to London’s massive transport problems.
“With all of this spending there is a severe risk that in the years to come Londoners will be deluged with fare increases and interest payments…….while having little to show for them. This is Londoners paying for transport promises the Mayor is failing to deliver.”
Liberal Democrat Assembly Member, Lynne Featherstone, who also chairs the Assembly’s transport committee, said that the “devil is in the detail” of the announcement. She continued: “The Mayor has not promised any new money, has walloped commuters with huge fare rises to pay for borrowing, pledged a decade of misery for Tube users and backtracked on promises to increase suburban bus services. As always with Mr Livingstone it is a set of ideas for tomorrow rather than delivery today.
“We are also still unclear about Crossrail and Thameslink 2000. Londoners are getting impatient. Facing fare increases of up to 10 per cent, passengers want to start seeing real improvements as soon as possible on the buses, Underground, trains and the new major schemes that are vital to keep London moving.”
