TfL gets £2bn – but no timetable for Bakerloo Line and DLR extension June 11, 2025 Transport for London (TfL) has welcomed a £2bn four-year funding settlement from the government as part of the long-awaited Spending Review. London’s transport operator had been pushing for a multi-year capital funding agreement similar to those at Network Rail and National Highways for years. The government said it is the largest settlement in over a [...]
Spending Review: Colossal £25bn for HS2 eclipses other transport pledges June 11, 2025 HS2’s colossal funding package eclipses all other railway investment pledges that Chancellor Rachel Reeves announced in her Spending Review. Reeves pledged £3.5bn investment into the Transpennine route upgrade and £2.5bn for East-West rail as part of the Spending Review. The Chancellor also set out plans to “take forward” the UK’s ambitions for Northern Powerhouse Rail, [...]
Volvo issues warning despite record UK sales June 11, 2025 Volvo has issued a warning despite its UK sales surging to more than £2bn and its profit almost quadrupling in 2024. The division of the Swedish car-making giant, which is headquartered in Berkshire, has reported a revenue of £2.3bn for its latest financial year, up from the £1.7bn it achieved in 2023. New accounts filed [...]
Thames Water lenders offer £17bn plan, push Ofwat for ‘regulatory reset’ June 10, 2025 A group of Thames Water’s major creditors have put forward a sweeping, multibillion-pound rescue deal, while calling for forgiveness of historic fines from Ofwat. Major investment firms, including Aberdeen and Elliott Management, are among the investors, who have said they have “the funding and experience required to deliver a transformation of the company’s performance which is intended [...]
Firstgroup: Profit at Avanti West Coast owner beats expectations June 10, 2025 Transport giant Firstgroup has extended its share buyback program by £50m after annual revenue came in ahead of forecasts. The additional £50m buyback program follows Firstgroup’s return of £92m to shareholders in the 2025 financial year. The group also raised its dividend to 6.5p, up from 5.5p last year. The FTSE 250 company told markets [...]
Eurostar to launch direct services from London to Frankfurt and Geneva June 10, 2025 Eurostar has announced plans to launch direct services from London to Germany and Switzerland for the first time. The cross-channel operator is looking to purchase 50 new trains at a cost of £1.7bn to service the routes, which are expected to run from the “early 2030s”. Journey times are expected to last around five hours [...]
London Stansted Airport submits major expansion plans June 9, 2025 London Stansted Airport is seeking permission to increase the number of passengers it handles every year to more than 50m. The transport hub, which is owned by Manchester Airports Group, is hoping to up its annual passenger capacity to nearly 51m over the next two decades. The airport said it is aiming to complete the [...]
Thameslink operator slumps into the red ahead of Elizabeth Line takeover June 9, 2025 The operator of London’s Thameslink and Gatwick Express slumped into the red before taking over the Elizabeth Line, it has been revealed. Go-Ahead has reported a pre-tax loss of $36.9m for 2024, having posted a pre-tax profit of $9.7m for the prior 15 months. However, the group pointed to it making a profit after tax [...]
London shipowner looks to wind to propel green transition June 6, 2025 A London-based private shipowner is spearheading a drive to bring wind-powered shipping to the forefront of the UK’s bid to decarbonise. Union Maritime will take delivery of a 115,000-tonne oil tanker fitted with 120ft sails later this month. It is aiming to build a fleet of up to 34 wind-assisted ships, which would be the [...]
IAG: British Airways owner faces shareholder revolt June 5, 2025 British Airways owner IAG is set to become the latest FTSE 100 company facing a shareholder revolt over pay awards to its top execs. Influential proxy adviser ISS has urged IAG investors to vote against a remuneration policy which includes a one-off share award for CEO Luis Gallego, at the group’s next annual general meeting [...]