Published: 19 December 2012
The 10 year Business Plan set out by the Mayor of London has been approved by the Transport for London board.
The plans include doubling road spending during the next decade and reducing congestion by increasing the number of variable message signs at junctions and improving traffic light sequences within the capital.
With research carried out by TfL identifying road spending as a top concern among London Businesses’, London’s Transport Commissioner Peter Hendy said:
“Businesses in London recognise that stable and sustained investment in transport infrastructure is vital to drive economic growth in London and across the UK. It also supports jobs and manufacturing up and down the country- particularly in the East and West Midlands, North West and Yorkshire.”
With its current funding commitment coming to an end in 2014, TfL is planning to negotiate with the government for funding beyond this time.
The previous 2009/10 Business Plan, which set out its transport investment plans up until the 2017/18 financial year, committed TfL to £7.6bn in savings. It has already secured £9.8bn of these.