In excess of 40% requested for all Tube and bus fares to be subsidised for the government.
While the Chancellor George Osborne stated that key Tube upgrades and Crossrail will go ahead, the comprehensive spending Review has placed Transport for London under mounting financial pressure, cutting its funding by £2.2bn over the next four years.
Peter Rollings, Managing Director of Marsh & Parsons, said: “Londoners’ sentiment is clear, and improvements to the Tube are top of their transport wishlist. At a time when the spending cut axe hangs above infrastructure budgets, TFL must think very carefully about any cuts that will impact upon commuters’ journeys or risk damaging the vital role that London plays in the UK economy.
“Public transport is not just a convenience for current London inhabitants – it is pivotal for the capital remaining an attractive destination for overseas investment. In excess of 50% of central London property is bought by international buyers, who play an important role in keeping London’s market buoyant. Part of London’s draw is the accessibility and ease of using the Tube to commute to the Square Mile. It’s crucial that we see key Tube upgrades proceed at full steam.”
In contrast to proposals to improve the Tube, just 7% of respondents supported the planned new airport in the Thames Estuary, while only one in seven (14%) the plans for Heathrow’s third runway. In fact, more Londoners (15%) supported new river crossings such as at Greenwich and the Thames Gateway.
Peter Rollings continues: “When it comes to transport, Londoners want a quick and convenient commute to work, rather than headline grabbing stunts like a new Estuary airport. We’ve seen the positive impact of the first phase of the East London line on areas like Dalston – turning it into growing commuter hub for worker in the City and Canary Wharf. With many UK and foreign financiers looking for pied-a-terres and homes within touching distance of offices in the city, the top priority to continue developing central London as a place to live and work must be intra-city public transport.”
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