Boris welcomes TfL spending
Mayor of London Boris Johnson welcomed a big boost - a grant of £925 million in 2015/16 rising to just over £1 billion by 2020/21 on top of enhanced borrowing powers to fund transport in the capital.
Government to build London transport's infrastructure
Effective transport infrastructure in London benefits not just London but the whole country, the Chief Treasury Secretary said today.
Under the Spending guidelines, the Government has proposed:
- Providing over £5.8 billion in capital grant and a further £3.8 billion of borrowing power between 2015-16 and 2020-21.
- Explore the case for extending the line to Barking Riverside to unlock potential housing development.
- £2 million to fund a detailed study on the Crossrail 2, which would create a new high-frequency, high-capacity rail line running south west to north east across London.
- Investing £115 million to electrify the Gospel Oak to Barking rail line.
- Devolve part of the West Anglia rail franchise to the Mayor of London, aiming for the transfer to take place by the end of 2015.
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