UK-based Transport for London (TfL) has unveiled plans to invest £8.1bn in road and rail network across the city in a bid to help it rebound from the pandemic.
The investment is part of TfL’s latest Business Plan to support the economic recovery of London and attain operational financial sustainability by 2023/24.
It will be used for the delivery of a range of enhancements to London’s Tube, bus and rail network.
TfL will use part of the investment to purchase new trains to replace the aging Piccadilly line fleet, as well as a new fleet for the Docklands Light Railway.
It already deployed new signalling on the Circle line and is now focusing on completing the remainder of the Four Lines Modernisation programme.
Modernisation and expansion of the Bank station will also be concluded under the project.
TfL believes that investing in new trains and signalling will generate jobs and investment across the UK, helping to boost the economy of the country.
London Mayor Sadiq Khan said: “The past two years have been the most challenging in TfL’s history and the pandemic’s impact on TfL’s finances was devastating.
“But, following tough negotiations and my commitment to prioritise funding for London’s vital public transport, TfL is on track for financial stability, ridership across the network is increasing and there have been major improvements to the capital’s public transport network.”