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It is disappointing that, unlike the rest of the UK, the vast majority of London’s road network receives no sustained central Government funding for maintenance. London is also excluded from a number of ad hoc funding pots, including the local pinch point fund.
Longer-term funding certainty on city region road networks, rather than ad-hoc settlements, would allow more cost-effective and sustainable asset management. I have written to the Chancellor to explain that, to meet demand and support London’s growth, Transport for London urgently needs certainty of long-term, sustained funding, either through the restoration of a grant or by fiscal devolution.
I want to work with Government to urgently agree a settlement which provides long-term funding certainty to support investment in our transport network, including London’s roads.