TfL Statement - Response to Spending Review Settlement

Andy Lord, London’s Transport Commissioner, said: “We are grateful that the Government has agreed a much-needed multi-year capital funding agreement similar to those in place with Network Rail and National Highways.

"This settlement will ensure that London’s transport network can continue to support new homes, jobs and economic growth in the capital. And it will boost jobs, skills, growth and opportunities across the UK. It will allow us to deliver a programme of sustainable investment, aligning our suppliers around a longer-term programme. And it will mean that we can complete the introduction of new trains on the Piccadilly line and DLR and new signalling on 40 per cent of the Tube, can procure a new tram fleet, progress discussions on new Bakerloo line trains and can get to work on renewing some of London’s critical roads, tunnels and flyovers.

"Our supply chain supports growth and opportunities right across the UK, with around two thirds of our suppliers based outside London, and nearly a third of our overall spend and resulting economic benefit felt outside of our city. We are pleased that, together with our suppliers, we can move on from the short-term and stop-start nature of funding over recent years and get on with the vital work of making our city and our country work for everyone.

"The prevailing macro-economic conditions and other factors mean that we will continue to have to make at times difficult decisions and we will need to continue to carefully prioritise investment and control our costs. We will now work through the detail of the agreement before re-setting our business plan for the years ahead."