The Thames Gateway Bridge would link Beckton with Thamesmead at Gallions Reach and provide a much-needed local link to help create jobs and housing in the area.
The £450 million development and construction cost of the bridge would be met jointly through TfL, a toll on cars and commercial vehicles using the bridge and also by up to £200 million of Government PFI credits. The bridge would be constructed and operated by a private sector company in partnership with TfL, using a PFI structure.
The bridge is expected to help create both jobs and housing on either side of the river and TfL estimates that it could put an extra 600,000 jobs within 45 minutes of Thamesmead by car and public transport. It would help create around 25,000 new jobs in the region.
London Transport Minister Tony McNulty said:
"Effective regeneration goes hand in hand with effective transport links. This bridge would be a catalyst for an area with enormous potential. It would not only provide a huge much needed boost to the local economy, but stand as an impressive landmark representing a positive future for the Thames Gateway region."
The bridge is a major part of Mayor of London Ken Livingstone and TfL's plans to improve transport and accessibility to and from East London.
Mayor Ken Livingstone said:
"This announcement today is the culmination of several years' work and reflects the commitment of central and London government to delivering better services to the people of London."The Thames Gateway Bridge would provide a vital transport link for East London and would help to regenerate an area that is greatly in need of better housing and employment. East Londoners have consistently given overwhelming support for the bridge and I am delighted that the Government has offered its backing to this essential project."
Minister for London Keith Hill said:
"This is great news for the Thames Gateway. It could open up links between two communities and creates potential new growth and employment opportunities. This is about providing homes, jobs and services, and demonstrates our commitment to creating sustainable communities in the Thames Gateway."
A TfL consultation found that 85 per cent of East Londoners who responded want the bridge to be built. From 13 May to 12 August, TfL distributed leaflets or brochures to almost half a million homes and businesses.
The bridge is designed to have two lanes in either direction for cars and
commercial vehicles. It would also have separate lanes for public transport, pedestrians and cyclists.