Transport for LondonThe future of London's transport
Skip to navigationIn July 2004, the Government gave its support for TfL to borrow £3 billion over the next five years to finance the delivery of capital projects under a new "Prudential Borrowing" regime and a £789 million additional grant has also been made available to TfL.
The new agreement with Government means that - for the first time - London has the opportunity to undertake long-term major capital projects without the fear that funding will be withdrawn in future years, bringing to an end the historic stop-start funding of London's transport.
It also enables TfL to take forward the projects needed to support London's bid to host the Olympics in 2012. These include extending the East London Line (to Dalston Junction, West Croydon and Crystal Palace), expanding the DLR (three-car upgrade, extension to Woolwich Arsenal and the conversion of the North London Line south of Stratford to DLR) and new transit projects in the Thames Gateway.
However, although the agreement with Government means that we can take forward high priority transport improvements, it does not provide us with enough resources to take forward all the improvements we believe are needed and we are still dependent on Central Government as the main source of our income. As a result, TfL faces some difficult decisions about spending priorities.
Bob Kiley
Commissioner of Transport
Previous Page: Business performance
Next Page: Financial review
