Updated
13.32,
13.44, 14.00, 14.05, 14.09
Chancellor
Rachel
Reeves has
announced
a
four-year
funding
settlement
for
Transport
for
London
as
part
of
her
Spending
Review.
There
will
be
£2.2
billion
between
2026-27
and
2029-30
for
Transport
for
London’s
capital
renewals
programme.
£25.3
billion
is
included
in
her
transport
budgets
to
continue
construction
of
HS2
from
Birmingham
Curzon
Street
to
London
Euston.
She
says
a
quarter
of
the
Transpennine
Route
will
have
been
electrified
this
year,
and
that
funding
of
£3.5
billion
will
be
available.
She
also
promised
to
‘take
forward’
work
on
Northern
Powerhouse
Rail
in
the
coming
weeks.
There
will
be
a
further
£2.5
billion
for
East
West
Rail,
to
‘unlock
the
potential’
of
the
Oxford-Cambridge
corridor.
There
be
funding
for
Midlands
Rail
Hub
West,
and
£445
million
will
be
invested
in
Welsh
railways,
including
upgrades
at
Cardiff
Central.
The
rail
projects
in
this
Spending
Review
are
in
addition
to
£15.6
billion
already
announced
for
local
transport
in
the
city
regions
which
were
announced
on
4
June,
plus
£2.3
billion
for
transport
improvements
in
other
counties
outside
London,
including bus
lanes,
cycleways
and
congestion
measures.
Reactions
are
coming
in.
London
Transport
Commissioner
Andy
Lord
said:
‘We
are
grateful
that
the
Government
has
agreed
a
much-needed
multi-year
capital
funding
agreement
similar
to
those
in
place
with
Network
Rail
and
National
Highways.
‘This
settlement
will
ensure
that
London’s
transport
network
can
continue
to
support
new
homes,
jobs
and
economic
growth
in
the
capital.
And
it
will
boost
jobs,
skills,
growth
and
opportunities
across
the
UK.
It
will
allow
us
to
deliver
a
programme
of
sustainable
investment,
aligning
our
suppliers
around
a
longer-term
programme.
And
it
will
mean
that
we
can
complete
the
introduction
of
new
trains
on
the
Piccadilly
line
and
DLR
and
new
signalling
on
40
per
cent
of
the
Tube,
can
procure
a
new
tram
fleet,
progress
discussions
on
new
Bakerloo
line
trains
and
can
get
to
work
on
renewing
some
of
London’s
critical
roads,
tunnels
and
flyovers.
‘Our
supply
chain
supports
growth
and
opportunities
right
across
the
UK,
with
around
two
thirds
of
our
suppliers
based
outside
London,
and
nearly
a
third
of
our
overall
spend
and
resulting
economic
benefit
felt
outside
of
our
city.
We
are
pleased
that,
together
with
our
suppliers,
we
can
move
on
from
the
short-term
and
stop-start
nature
of
funding
over
recent
years.’
Railway
Industry
Association
chief
executive
Darren
Caplan
said:
‘The
Railway
Industry
Association
welcomes
the
support
Chancellor
Rachel
Reeves
announced
for
UK
rail
in
the
Spending
Review,
and
the
recognition
that
the
railways
are
key
to
delivering
economic
growth.
‘This
support
includes
the
next
phases
of
the
Transpennine
Route
Upgrade,
East
West
Rail,
and
Northern
Powerhouse
Rail,
as
well
as
new
funding
for
the
Midlands
Rail
Hub
and
for
Welsh
rail
infrastructure.
‘The
Treasury’s
plans
to
reassess
the
Treasury’s
Green
Book
investment
framework
should
also
be
applauded,
as
social,
environmental
and
regional
value
are
all
central
to
what
rail
delivers.
‘This
Spending
Review
follows
the
announcement
last
week
of
£15
billion
of
funding
for
local
transport
in
city
regions,
including
metro
and
tram
networks,
whether
the
Midlands,
Sheffield,
Greater
Manchester,
Yorkshire,
Tees
Valley,
Newcastle,
or
West
of
England.
Rail
businesses
from
every
part
of
the
UK
will
want
to
be
involved
with
delivering
those
schemes,
as
the
Government
and
devolved
bodies
take
them
forward.
‘Finally,
we
also
welcome
the
Chancellor’s
focus
on
skills
and
training
as
well
as
her
ambition
to
leverage
private
investment
into
transport
to
help
alleviate
capacity
and
connectivity
constraints.
We
look
forward
to
more
details
on
how
this
will
be
delivered,
when
the
Government’s
Infrastructure
and
Industrial
strategies
are
published
later
in
June.’
AECOM’s
chief
executive
for
Europe
and
India
Richard
Whitehead
said:
‘This
long-term
funding
cements
the
government’s
pledge
to
accelerate
the
delivery
of
essential
infrastructure
and,
in
turn,
unlock
growth
opportunities
across
the
UK.
‘The
additional
capital
expenditure
on
infrastructure
–
including
nationally
significant
schemes
such
as
East
West
Rail
–
is
welcome,
along
with
the
£15.6
billion
for
city
region
local
transport
projects.
This
should
promote
more
balanced
regional
development
and
ensure
strategic
investments
benefit
all
parts
of
the
country,
driving
growth
and
innovation.’
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