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Speaking at a City Hall, the Mayor said Transport for London's (TfL) funding settlement means he will continue to deliver his top transport priorities, including:
- The upgrade of the Tube and building Crossrail, which together will add 30 per cent capacity to the rail transport network, more frequent and reliable services and provide a £78 billion boost to the UK economy
- London's frequent, extensive, reliable and accessible bus network, of such vital social and economic importance, particularly in outer London, is protected
- 2011 fare increase maintained at the level announced last year, RPI plus two per cent, while free travel and concessions for the most vulnerable Londoners are protected
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Mr Johnson, said: "This is the culmination of months of hard negotiations with the Government and I am pleased that they have recognised the immense importance of protecting investment in the capital. London is the engine of the UK's economy and it would be fiscal suicide to have starved it of fuel.
"This remains a difficult settlement but I am glad the Government has recognised my administration in London has been two years ahead of the rest of the country in identifying and making savings, with well over £5bn identified at Transport for London alone. Tough decisions have already been taken in the capital and more must be made; but we will continue to share the pain of the nation as we work with the Government to help put Britain’s finances back in order.
"However I am particularly pleased that we have secured the future of Crossrail, upgrade work on the Tube and the protection of our bus services. Without them we would have risked the long term economic prosperity of not just the capital, but the whole of the UK."
The Mayor warmly welcomed the Government's commitment to continue to protect the Tube upgrades and Crossrail, both of which will extend beyond this current Spending Review period.
(CD/GK)
