TfL has set out its priorities up to 2020/21 in its first draft business plan since receiving a reduction in funding from Government during the June Spending Review.
The transport authority is also investing in a Tube upgrade and Crossrail. London's transport commissioner, Sir Peter Hendy CBE, said: “With London's population expected to grow from 8.4 million today to around 10 million in the 2030's, our network must keep pace if London's success and growth are to continue. Targeted investment and advances in technology will allow us to do this.”
The draft business plan will be considered by the TfL board next Wednesday (11 December).
It demonstrates how every penny raised in fares and other revenue is used to invest in maintaining and improving London's transport network. The plan sets out £16bn of efficiencies and savings being made across TfL to support billions of pounds of investment.
London Mayor Boris Johnson said: 'We have never been in a better position to invest in our own future and continue to deliver a transport network fit for a world class city.
“We can continue to build safe and attractive cycling infrastructure, improve our roads, high streets and neighbourhoods, and tackle air pollution ensuring we are delivering a transport network fit for a world class city. We also need to look ahead to future infrastructure with Crossrail 2, new Tube extensions and major improvements to our road network.”
Some of the key improvements which will be delivered over the next 10 years include:
- Crossrail - the brand new rail service linking east and west London which will be operating from 2018
- Northern line extension to Battersea via Nine Elms
- The start of the next phase of Tube upgrades including the Piccadilly, Central and Bakerloo lines
- 1,700 hybrid buses including 600 of the cleaner and greener New Bus for London operating across the bus network
- The biggest ever investment in London's roads, including expanding the network of intelligent traffic signals to cover three-quarters of all signals in London, and major redesigns of key junctions such as Elephant & Castle northern roundabout and Vauxhall gyratory
- Tube station upgrades including Victoria, Tottenham Court Road and Elephant & Castle
- London Overground capacity improvement programme, delivering a 25% increase in capacity by moving from four to five car trains by 2016
- Electrification of the Gospel Oak-Barking London Overground line
- Four additional trams on south London's Tramlink network.