Transport for London (TfL) has published its draft budget for 2018/19, outlining improvements to rail services that can be expected.
It forms the start of TfL’s five-year Business Plan which was published last year and is in line with the Transport Strategy set out by the Mayor of London. This will see investment hit a record high on public transport.
The draft budget reveals the improvements that will be delivered for the capital’s transport network over the next year, as well as outlining how modernisation will be delivered against a backdrop of huge reductions in government funding.
TfL say that costs of running the transport network fell by £153 million in the last financial year and believe costs will continue to fall.
At this rate, despite lower income than forecast, the draft budget gives details on expectations that this trend will continue, resulting in an operating surplus by 2021/22.
It is an exciting time for London’s transport network and the draft budget says in 2018/19, a host of improvements will be delivered.
This includes the delivery of the Elizabeth line from December 2018 onwards and by the December afterwards, step-free access will be available at every station serviced by the new rail line.
The London Underground will continue to be modernised, with signalling and step-free access all incorporated, while capacity on the rail network will continue to be increased.
Elsewhere, land belonging to TfL will be used to construct commercial space and housing, 50% of which will be affordable – part of Sadiq Khan’s drive to increase affordable housing in the city.
Val Shawcross, Deputy Mayor for Transport, said: “The next year will be a truly exciting time for London, with the opening of the Elizabeth line, and major projects like the transformation of Oxford Street.
“At the same time, the budget shows how we’re also looking to the future with further tube modernisation and an unprecedented commitment to walking and cycling infrastructure.”