The document shows how investment in the public transport network will continue to deliver significant improvements for customers. These include:
In addition, TfL is progressing the priorities set out in the GLA Budget published in February 2016.
Further major improvements are also planned on the Capital's roads as part of a £4 billion Road Modernisation Plan. This is seeing major roads and junctions transformed and made safer, with assets renewed and new safety and 'congestion-busting' technology introduced. The road network is being made safer for all road users, with new bus safety programmes and nearly £1 billion of planned investment in making cycling safer.
This range of roads improvements includes:
A range of measures to improve air quality, including the creation of an Ultra Low Emission Zone are being progressed. The National Infrastructure Commission has now also given its full support to Crossrail 2, showing that it is absolutely vital to meeting the needs of London's population, which is expected to grow from 8.6 million today to 10 million in 2030. We are also working with the Government on transferring all inner London rail services to TfL, opening up huge opportunities to improve services on those routes.
TfL is also planning the modernisation of the deep-level Tube lines, with a 'New Tube for London' set to bring air-conditioned journeys to the Piccadilly, Bakerloo, central and Waterloo & City lines. The extension of the Bakerloo line would help meet the anticipated growth in south London, and the building of new river crossings and the creation of new road tunnels will help reduce congestion and support thousands of new homes and jobs.
The Mayor of London, Boris Johnson, said:
'Our transport system is carrying half a billion more people than four years ago, whilst doing so more efficiently, reliably and safely - and with greater customer satisfaction - than at any other time in London's history. Delays on the Underground have been halved, we've introduced 191 British-made new air-conditioned trains, cycling is at a record high, transport crime at a record low and the number of people killed or seriously injured on our roads has been cut by 40 per cent.
'This budget and plan lays the foundation to continue these significant improvements on both our roads and public transport network. These, alongside future Government investment, will ensure that we can cope with rapidly increasing demand and support the new homes and jobs for future generations of Londoners.'
Mike Brown, London's Transport Commissioner, said:
'We are continuing the work of transforming London's road, rail and Tube networks for the millions of people who use them every day while making every pound go further through a continuous savings and efficiencies programme.'
To mitigate a reduction in Government funding, TfL is implementing measures both to reduce expenditure and to increase income. These include projects to generate new commercial income and grow existing revenue streams as well as to reduce operating costs. The objective is to reach break even on direct operating costs by 2018/19, earlier than anticipated in the 2014 Business Plan. TfL is seeking to reduce operating costs by nearly nine per cent over the next five years.
TfL is also identifying value engineering options on new investment projects and targeting programme cost reductions of 10 per cent through better cost management. This will reduce the annual cost of capital renewals while not allowing assets to degrade.
Notes to Editors: