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TfL have said that “other sources of funding need to be confirmed if the project is to move forward. We are continuing to work with the London Boroughs of Sutton and Merton to explore options for obtaining the remaining funding needed.” Can you update me on what discussions are being held with those boroughs and what types of funding solutions you are considering?
The £36m of borough funding already committed to the scheme is expected to be sourced from measures including local Community Infrastructure Levies, business rates supplements and Council Tax from new developments. A wide range of other local funding sources have been considered but to date no further substantial sources have been identified that the boroughs are willing to pursue.
Discussions with the boroughs have also focused on funding options from London-wide and national sources, including the Government’s Housing Infrastructure Fund. It is hoped that similar Government funding sources may be available for projects like the Sutton Link in the future and TfL plans to seek opportunities to secure this funding should it become available.