Mayor Boris Johnson has welcomed a funding settlement to support investment in major transport infrastructure across the Capital until the end of the decade.
The Chancellor has confirmed an unprecedented six-year settlement for Transport for London (TfL) from 2015-2021. The capital funding commitment begins with an investment grant of £925 million in 2015/16 rising to £1,007 million in 2020/21, alongside annual borrowing limits of £600 million+ to finance capital investment in transport infrastructure.
This funding package ensures Tube upgrades, investment in roads and cycling, and improvements to bus, Docklands Light Railway, London Overground and Tramlink networks will continue.
The funding will support government aims of creating more jobs in the transport sector .
The Mayor said: ‘The announcement shows that the Government recognises the vital importance of continued investment into London, representing good news not just for Londoners, but for the wider UK economy.’
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