- April 6, 2013
-- Life in any city thrives on its transport network in a huge way and London is the perfect example for this. This energetic financial hub is very well linked through its various means of public transportation like overground & underground railway and buses.
However, despite the undeniable role of the transport network that supports London lifestyle in every way, this lifeline will have to undergo a reduction in its government grant over the coming two years, by 1 per cent in 2013 and by 2 per cent in 2014. This amounts to a budget cut of almost £80 million in total, as per the board papers released by Transport for London.
It is a tough call for TfL to cope up with this cut in the budget as passengers expect more and more upgradations which do not happen, and the annual dip in investments will only make fares go on the higher side. However, efforts will continue to decrease spending and making up for the deficit rather than covering up the cash through other means.
People in London are mainly dependent upon the overground & underground rail networks and a cut worth £80 million in the budget of transport network may not be perceived with applause. As it is, the fares were increased by a per cent above the rate of inflation in January. Most people living in London will be affected with any changes made with the transport infrastructure in London because using the public modes of travel is most common here. Keeping that in view, a constant investment in the transport network is required more than any other time, as the population in London is now increasing at a fast pace due to a large number of people moving into this city.
Information gathered by London lettings agent: http://www.rentals-london.co.uk/