Canada Global ( Web News )British Transport Secretary Mark Harper has said that £250 million of government funding has been allocated to upgrade London’s transport system, which ministers and Transport for London (TfL) have agreed to upgrade London’s transport system.
Agree £250 million of government funding for Transport Secretary Mark Harper said he was pleased to inform the House that on (18 December 2023) the Government had agreed a capital funding settlement for 2024 with Transport for London (TfL). The Government has expressed its continued commitment to support London’s transport network to recover from the uncertainty of demand following the COVID-19 pandemic.
This has provided TfL with around £6.4 billion of funding to protect passenger income, alongside the delivery of major capital projects, on top of around £1.9 billion a year of business rates maintained for transport. With more than £1 billion a year to invest. In addition, the Government has today agreed a capital settlement which provides a further £250m of funding which will enable TfL to continue to deliver its existing capital program and its ambitious major capital projects including the Piccadilly Line.
Delivering Phase 1 of the upgrade not only benefits Londoners, but also the rest of the country, the Piccadilly Line upgrade alone is expected to support 700 skilled jobs in construction. A further 250 jobs will be created and up to 1700 indirectly across the supply chain. Government support has enabled TfL to move towards becoming financially sustainable and this capital settlement requires TfL to demonstrate to the Government that it is financially sustainable at the end of March 2024 and that In July 2024 it will provide its plan to the government showing how it works. It will maintain and strengthen its financial stability from FY 2024 to 2025.
The decision to provide capital funding to TFL comes at a time when the government, like the rest of the country, is facing significant financial pressure. Across the board, the Government has made difficult funding decisions to support those most affected by rising costs, a settlement that is fair and proportionate for London while delivering elsewhere in the country.
Funding and the cost to the national taxpayer at a time of severe pressure on the national finances have also been taken into account, he said, adding that through all of this, the Government will continue to deliver London’s transport system for people and businesses. And continues to work with the Mayor and TfL to ensure contributions to the nation’s economy.
