Investment programme advisory panel publishes third annual report

IIPAG was formed in May 2010 by the Mayor of London and the Secretary of State and is tasked with providing independent assurance and expert advice to the Mayor on the economy, efficiency and value for money of TfL's Investment Programme.

That programme includes, among other things, the modernisation and capacity increase of the Underground and London Overground networks, delivery of the Mayor's vision for cycling, delivery of bus services and the increased development of commercial opportunities on TfL's estate.

Against a backdrop of a continuing need to demonstrate that we are delivering value within the funding available, IIPAG's report cites improved project management, better commercial performance and re-investment of contingency from projects as key achievements in 2012/13.

The report identifies several projects which it commends for best practice, including:

• The Victoria line upgrade, which now runs a higher peak train service than any railway in the UK and where reliability levels are among the best in Europe and North America;
• London Underground's (LU) track replacement programme where a very good safety record has been achieved;
• The station upgrade project at Bank station, where an innovative procurement process has been successfully used to increase project benefits while reducing cost

IIPAG has also been overseeing TfL's benchmarking activity, which aims to identify and spread best practice and compare costs.

London Buses among best in the world

This has demonstrated that the cost and performance of London Buses is among the best in the world, and that LU is expensive to maintain but improving, and with a reliability that compares well with other European and North American metros.

The reliability of the network has continued to improve over recent years and in 2012/13 the Tube recorded its best ever reliability.

Delays to customers' journeys have been reduced by 37% since 2008/09 and 56% since 2003.

David James, Chair of IIPAG, said: 'Since its inception, IIPAG has had an increasingly positive impact on TfL, helping it to save money, to drive cultural change and to encourage the appointment of high quality staff.

'IIPAG looks forward to continuing to make its contribution, by supporting TfL in its increasingly successful and efficient delivery of services to the Capital's travelling public.'

London's Transport Commissioner, Sir Peter Hendy CBE, said: 'IIPAG continues to have a positive impact on TfL and the way in which we deliver the investment programme which the Capital's infrastructure needs.

'I am grateful for the group, for their advice and analysis, which is helping us to achieve even greater efficiencies and better project management.'