London has done better than expected in the coalition Government's Comprehensive Spending Review.
The broad strokes for London transport are as follows:
- Tickets on LU and buses will rise by two percentage points above the rate of inflation. Similar increases are expected until 2015.
- CrossRail funding has been secured, but with a delay of a year. This should save c£1.5bn in project costs and deliver 10% extra transport capacity to London by 2018.
- The Tube upgrade programme has been allocated £6bn over four years.
- Concessionary fares on London's buses will not be cut.
- TfL's annual grant from the Treasury will be reduced by 21% over four years.
- Rail prices are set to increase by 3% over RPI.
- Tolls on the Dartford Crossing will rise to £2 next year, and to £2.50 in 2012.
- The Congestion Charge will rise from £8 to £10 next year.
- The bike hire scheme is set to be extended to the East of London for the Olympics.
- The M25 widening programme will continue between 10 different junctions.