Mayor provides £3.7m investment in transport for the City of London to help boost the local economy

14 December 2012
  • Despite reduction in Transport for London's (TfL) central Government funding, investment levels maintained for the borough to deliver the Mayor's transport strategy
  • TfL to help reduce costs and co-ordinate works on the boroughs main roads to reduce impact of roadworks

The Mayor of London, Boris Johnson has today announced £3.7m for the City of London to invest in transport projects that will benefit the local community.  

TfL has allocated the money through Local Implementation Plan (LIP) funding for the borough to spend on projects that support the Mayor's Transport Strategy.

The funding is awarded to support projects in the London boroughs that will make cycling safer and easier, improve walking facilities, make roads safer, smooth traffic flow and breathe new life into town centres, public squares and local shopping areas to boost the local economy.

The £3.7m funding package in 2013/14 in the City of London will finance a range of transport projects including:

  • £175,000 for a number of measures to improve cycling and cycle safety such as installing two-way cycling on 12 streets
  • £2.3m urban realm, cycling and pedestrian improvement scheme at Holborn Circus which will create additional public space and significantly improve safety and accessibility for users 

Mayor of London, Boris Johnson said: 'This funding will benefit all of London and everyone living in, working in or visiting the City of London. 

'A world class city deserves a world class transport system and the borough will use this money to make significant improvements for local people.'

This year, two new measures have been introduced which will help the boroughs to drive down their costs, deliver value for money and minimise the disruption caused by construction works and road maintenance.  

Boroughs can use the new London Highways Alliance Contracts (LoHAC) to avoid the need for each authority to separately appoint contractors to undertake works. 

These are four area-based joint highway contracts awarded in November by TfL and the boroughs to reduce costs, provide consistency in the quality of works and materials and to minimise disruption.

In addition, projects undertaken on main roads in the boroughs will be co-ordinated by TfL so that the method and timing of roadworks is managed to reduce their impact in the capital and associated inconvenience and disruption to residents and road users.

London's Transport Commissioner, Peter Hendy CBE said: 'We are working in partnership with the City of London and with all the London boroughs to bring real improvements to communities across the city. 

'The borough will be using this investment to fund hundreds of projects that will benefit all road users, including cyclists and pedestrians. 

'Public squares and local shopping areas will be rejuvenated, attracting more people to the area to boost the local economy.'

Last year, it funded five new pedestrian crossings, 66 new trees, cycle training for 120 children and 140 adults and 49 road safety education events.

Notable larger projects undertaken this year include the completion of St. Paul's Green and associated public realm and safety improvements, which have significantly enhanced the setting for the Cathedral and improved access for the thousands of people every day that use St. Paul's Churchyard.



Notes to Editors:

  • Each borough produces a Local Implementation Plan (LIP) to demonstrate how they plan to implement the Mayor's Transport Strategy locally.  While Transport individual projects is the responsibility of each borough.