London will invest €4.5 billion into public transport infrastructures over the next 5 years
The British government released on 20th July its
White Paper about the future of Transport in
the UK by 2030.
This document, in line with
the Spending Review for 2004/2009, supports
the Business Plan of Transport for London of
almost €4.5 billion of capital investments for
the coming 5 years.
This announcement is
good news for the Mayor of London, who had
asked for increased government funding to
meet the challenges of London’s fast growing
population (+ 300,000 inhabitants since 1990
and 800,000 more expected by 2015).
The
business community of London had also
supported the need for increased investments
into public transport infrastructure in the
British capital city.
The new projects, that will concern mostly
extensions of underground and light rail
systems, shall also support London’s bid to
host the Olympic Games in 2012.
In addition, the government has confirmed
the importance of building a new East-West
Crossrail link joining west London, Heathrow
Airport, and the City of London and Isle of
Dogs financial districts that shall start operation
in 2012.
The funding of Crossrail (total cost
estimated at €15 billion) is still not secured,
and the government will carry on consultations
to find a solution where every actor pays their
fair share.
This includes the London business
community, which could contribute up to
€4.5 bn to the project.
The government also
recommends that the project be carried out by
a joint venture between the Department for
Transport and Transport for London. A Bill will
be submitted to Parliament to take forward
the project as soon as possible.
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Updated : September 9, 2004
