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Haringey Council’s plans for the major regeneration of Tottenham received a major boost after the government agreed a £500 million borrowing guarantee for the programme.
The deal means the council, Greater London Authority and private sector could press ahead with financial security for its plans to transform the area, which include thousands of new homes and jobs as well as better transport links, leisure facilities and business workspace.
Today’s announcement also included an agreement that Transport for London will take over management of the West Anglia train routes through Tottenham, as well as the £90 million electrification of the London Overground line through South Tottenham Station.
Boris Johnson is expected to visit the Crossrail site at Tottenham court road later.
The mayor will be questioned on yesterday's government spending review.
A commitment of £2 million was made to look into the north-south rail link for cross rail 2 in yesterday's spending report by George Osborne.
Spectacular sums of money paid to London's transport bosses were revealed today - just hours before the government announced where its spending cuts will be made.
Boris Johnson defended the payouts - many of them bonuses linked to how the transport network performed during last year's Olympics.
But critics question whether the capital's taxpayers are getting value for money
The Chancellor of the Exchequer has said the government will look at plans to build a second Crossrail line underneath London.
George Osborne mentioned the scheme in today's spending review and also promised that the London mayor would have almost 9 billion pounds to spend on transport projects.
Responding to a question from the former Chancellor Alistair Darling, George Osborne confirmed that the increase in transport funding would come from public money.
He also said he was looking at ways to reform planning laws to "accelerate the delivery of [infrastructure] projects".
The Chancellor has said there are "three principles to the Spending Round":
- Reform: to get more from every pound we spend.
- Growth: to give Britain the education, enterprise and economic infrastructure it needs to win the global race
- Fairness: making sure we are all in it together by ensuring those with the broadest shoulders bear the largest burden and making sure that the unfairness of the something for nothing culture in our welfare system is changed.
The Prime Minister, referring to recent comments made by the Shadow Chancellor Ed Balls, said: "No wonder it's not just people at Wimbledon saying 'more balls please'."
A poll by YouGov asked people to pick the area of government spending that they would most like to see cut and protected.
Top three areas respondents would like to see cut:
- Overseas aid: 70%
- Welfare benefits: 39%
- Environment and climate change: 32%
Top three areas respondents would like to see protected:
- NHS: 76%
- Education and schools: 53%
- Crime and policing: 42%
The controversial area of defence spending split respondents, with 20% calling for further cuts and 17% preferring to see it protected.
Labour leader Ed Miliband has accused the Chancellor of breaking his promise to taxpayers by perpetuating austerity well beyond the next election - longer than initially planned.
George Osborne will today announce cuts worth £11.5 billion to public spending in a bid to reduce the government deficit.
But Mr Miliband also denied accusations of hypocrisy for criticising the Spending Review when he has admitted that Labour would not be able to reverse the cuts:
Latest ITV News reports
Effective transport infrastructure in London benefits not just London but the whole country, the Chief Treasury Secretary said today.