Transport for London has announced a £9.2 billion budget for 2009/10 which will fund the delivery of a series of major transport improvements, as well as ruling out a number of key schemes.
The year ahead includes:
· the completion of the upgrade of the Jubilee line
· the commencement of the redevelopment of Tottenham Court Road Underground station to provide vital additional capacity and serve Crossrail
· the start of works at the new Isle of Dogs Crossrail station
· intensification of the work to extend the East London line - as part of London Overground - and the DLR, in preparation for the 2012 Games
· works to deliver the Mayor’s cycle hire scheme and the first cycle highways
London’s Transport Commissioner Peter Hendy said: “Lower projections for future fare revenue caused by the deterioration in the wider economy and the drain on TfL’s resources caused by the collapse of Metronet means that some work planned for 2009/10 must be cancelled or deferred until a later date.
“This means deferral of works at some Tube stations including the project to install step free access to the Circle and Metropolitan lines at Baker Street. In addition, the Greenwich Waterfront Transit Scheme will be cancelled given the Mayor’s earlier decision not to proceed with the Thames Gateway Bridge.”
Mayor of London Boris Johnson said: “TfL have done their best to balance their books in an extremely tough economic climate. At the same time as the downturn, the ramifications of the failure of the beast that was Metronet have also become increasingly clear.
“We are doing all we can, but we also need the Government to play its part by taking responsibility for the PPP that it inflicted on London, and providing the necessary support to improve London’s transport system.”
The budget, which includes both operating costs and capital investment, is underpinned by £2.4 billion of efficiency savings that will be delivered over the nine year term of TfL’s Business Plan.