TfL is set to invest £8.1bn into London’s road and rail network as part of its long-term business plan. Set to support London’s economic recovery whilst achieving financial sustainability, the draft plan includes an annual £150m expenditure in safe and active travel, as well as a £110m scrappage scheme.
The scrappage scheme will help offset the impact of the ULEZ London-wide expansion, which was announced late last week by London mayor Sadiq Khan.
The funding will also be used to carry out works on the tube network, replacing the ageing fleet on the Piccadilly line as well as providing a whole new set of trains for the Docklands Light Railway (DLR).
The improvements will help TfL rebuild ridership, as levels are currently at 80 per cent of pre-pandemic levels.
The investment comes as TfL was forced to increase its target savings to £1bn, meaning it will need to find an additional £600m by 2025/2026.
The public body said it will achieve savings by “improving inefficiencies” but no services will be cut. Fares will however increase, as TfL is expecting to follow the government’s policy on the rail network, which could see an increase as high as 4 per cent.
