The Local Implementation Fund (LIP) will contribute £147.8 million annually for the next three years with the aim of improving transport links across London, the Mayor of London announced.
Boris Johnson revealed that despite cuts to the funding of Transport for London (TfL) from the central government, LIP remains unaffected because of the important role that boroughs play in the Mayor’s Transport Strategy.
The money will be used to support a variety of ongoing projects across the capital including safer cycle lanes, road improvements and a reduction in carbon emissions.
Visitors to London will also benefit from measures which were introduced by TfL in 2012 to help reduce the costs of travel and keep disruptions caused by engineering works to a minimum.
According to reports from theconstructionindex.co.uk, £500,000 has been set aside to improve the Grand Union Canal, to encourage people to use the cycle lanes, while an additional £7 million will be spent on the removal of the Aldgate gyratory.
Boris Johnson told trl.co.uk that without the necessary funding it would be impossible to make these vital improvements to the capital’s infrastructure.
Mr Johnson said: “This funding, together with the investment through my roads and cycling plans, means the improvements being delivered in partnership with London’s boroughs is simply unprecedented.”