Effective transport infrastructure in London benefits not just London but the whole country, the Chief Treasury Secretary said today.
Under the Spending guidelines, the Government has proposed:
- Providing over £5.8 billion in capital grant and a further £3.8 billion of borrowing power between 2015-16 and 2020-21.
- Explore the case for extending the line to Barking Riverside to unlock potential housing development.
- £2 million to fund a detailed study on the Crossrail 2, which would create a new high-frequency, high-capacity rail line running south west to north east across London.
- Investing £115 million to electrify the Gospel Oak to Barking rail line.
- Devolve part of the West Anglia rail franchise to the Mayor of London, aiming for the transfer to take place by the end of 2015.
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