Transport for London secures investment despite budget cut

TRANSPORT for London (TfL) will have its spending power cut by 8.5 per cent due to yesterday’s spending review ­– but has secured the go-ahead for a number of key projects.

As a result the organisation will be able to continue the ongoing tube upgrade work and investment in new trains. In addition, £2m has been allocated to investigate the case for building a new Crossrail 2 link from Wimbledon to Hackney.

The Gospel Oak to Barking line will also be electrified, boosting rail freight in the capital.

It was also confirmed that Mayor Boris Johnson has lost his battle to take swathes of the southeastern commuter rail network under TfL control. However, TfL will be given control over some existing West Anglia services into Liverpool Street.

In total TfL will receive around £1bn of capital funding each year between 2015 and 2021, with access to an additional £600m of debt.