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Contractors World  - UK & Ireland
2013 Vol 3 No 4
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Construction News and Economy

£40m for transport projects to create jobs and economic growth

The Mayor of London Boris Johnson has announced details of four projects that are in line to receive a share of a £40 million fund allocated for transport schemes which will support regeneration and create jobs.
This follows a recommendation by the London Enterprise Panel (LEP) of which projects bidding for investment are best placed to boost the city’s economy. The schemes backed by the LEP are in areas where ambitious regeneration plans are in place and where transport infrastructure will help unlock significant economic growth.

These schemes would deliver: improved rail links between Tottenham Hale and the Upper Lee Valley; major road improvements in Bexley and support Ealing to harness the economic opportunities coming from Crossrail.

Collectively the projects could safeguard existing or create an estimated 45,000 jobs, support the construction of tens of thousands of homes and attract significant private investment into deprived areas.
The Mayor of London, Boris Johnson, said: ‘Transport links are a vital precursor to economic development. This money is earmarked for investment into transport schemes which have significant potential to stimulate growth and job creation. I welcome the London Enterprise Panel’s assessment of which projects are best placed to do this and City Hall will now be working with the bid teams to progress these ambitious proposals.’

 

The bids approved by the London Enterprise Panel in detail are:

  • £25m allocated for rail upgrades providing extra services at Northumberland Park and Tottenham Hale, improving rail links between Stratford, the Upper Lee Valley and beyond including Stansted Airport (bid from the North London Strategic Alliance):
  • This funding will be part of a £72million West Anglia upgrade project including £44million from Network Rail (subject to the outcome of our submission for the next Control Period) and up to £3m from Transport for London.

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