Osborne spending review: £90m investment in Gospel Oak to Barking Overground train line
The Chancellor of the Exchequer has made a £90million commitment to carry out electrification of the Gospel Oak to Barking Overground train line in his spending review.
George Osborne announced a six year capital and borrowing package for Transport for London that will secure long-term transport investment until the end of the decade.
This includes a £90million commitment to carry out electrification of the Gospel Oak to Barking Overground line, which runs through Camden and Haringey, as a first step towards the extension of the line to Barking Riverside.
Responding to the Mayor of London’s call for a secure and continuous investment in transport, the Chancellor confirmed the six year settlement for Transport for London from 2015-2021.
The capital funding commitment begins with an investment grant of £925million in 2015/16 rising to £1,007million in 2020/21, alongside annual borrowing limits of £600million-plus to finance capital investment into transport infrastructure.
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The funding package will enable the continuation of Tube upgrades, investment into roads and cycling as well as improvements to bus, DLR, London Overground and Tramlink networks.
It will also enable the delivery of a series of vital transport projects which the Mayor has called for to support regeneration and jobs as well as greater devolved rail powers.
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The Mayor of London has also secured the following commitments from the Chancellor and the Secretary of State for Transport:
- An initial commitment from Government to Crossrail 2 of £2million for feasibility studies into the vital north south rail link;
- A £500million borrowing guarantee to support housing and transport infrastructure in Tottenham;
- West Anglia suburban rail services to be devolved to the Mayor and Transport for London.
Mayor Boris Johnson said: “This announcement shows that the government recognises the vital importance of continued investment into London, representing good news not just for Londoners, but for the wider UK economy, the capital’s being a key driver of growth across the country.”
He continued: “This settlement gives us a far greater level of financial certainty in line with measures we have lobbied for and to deliver vital infrastructure.
“I am pleased to also welcome specific commitments to a series of projects set to trigger significant development and regeneration in areas that need it most, helping to unleash the delivery of homes and jobs.”
Today’s announcement will allow the Mayor to progress his ambitious regeneration plans in Tottenham, with the aim of delivering around 10,000 new homes and 5,000 new jobs in the area.
Working with Haringey Council, the Mayor will now develop proposals to bring forward an ambitious programme of housing delivery and regeneration, job creation, transport infrastructure and public realm projects amounting to investment in the region of £500milllion.
This would include improvements to train services and stations between Stansted, Liverpool Street and Stratford.