Friday, 7 June 2013

Mayor announces £40m for transport projects to create jobs and economic growth

5 June 2013
This follows a recommendation today by the London Enterprise Panel (LEP) of which projects bidding for investment are best placed to boost the city's economy. The schemes backed by the LEP are in areas where ambitious regeneration plans are in place and where transport infrastructure will help unlock significant economic growth. These schemes would deliver: improved rail links between Tottenham Hale and the Upper Lee Valley; major road improvements in Bexley and support Ealing to harness the economic opportunities coming from Crossrail. Collectively the projects could safeguard existing or create an estimated 45,000 jobs, support the construction of tens of thousands of homes and attract significant private investment into deprived areas. The LEP’s adoption of these bids is a significant milestone for these projects and the proposals will now progress to a final stage, including more detailed work developing business cases, technical modelling and delivery mechanisms. The Mayor of London, Boris Johnson, said: ‘Transport links are a vital precursor to economic development. This money is earmarked for investment into transport schemes which have significant potential to stimulate growth and job creation. I welcome the London Enterprise Panel’s assessment of which projects are best placed to do this and City Hall will now be working with the bid teams to progress these ambitious proposals.' The bids approved by the London Enterprise Panel in detail are: £25m allocated for rail upgrades providing extra services at Northumberland Park and Tottenham Hale, improving rail links between Stratford, the Upper Lee Valley and beyond including Stansted Airport (bid from the North London Strategic Alliance): - This investment will provide extra rail services (up to 4 trains per hour) from Angel Road and Northumberland Park stations via Tottenham Hale and a re-opened Lea Bridge station to Stratford; - This funding will be part of a £72million West Anglia upgrade project including £44million from Network Rail (subject to the outcome of our submission for the next Control Period) and up to £3m from Transport for London. The investment will ensure that the full scheme and related benefits can be delivered, including the provision of a new track between Lea Bridge station and Angel Road; - Collectively with Angel Road Station improvements (below), this will support the commencement of the Meridian Water development and regeneration at Northumberland Park where there are plans for an estimated 3,500 homes and 500 jobs; - It will also support the development of an estimated 15,700 new homes, 21,900 new jobs in the Lee Valley and up to 15,000 jobs in adjoining areas. £2.5m allocated to upgrade Angel Road station and support regeneration in Enfield (bid from Enfield Borough Council): - Angel Road station is vital to the regeneration of Enfield and specifically to support the Meridian Water development and regeneration in the Lower Lea Valley more widely; - Station improvements will increase passenger capacity through an enhanced commuter rail service; - Estimated the scheme could unlock 2,326 jobs across over 55,000m2 of employment land and over 2500 homes; - Station improvements will form part of wider West Anglia route upgrades. £5.7m allocated for major road improvements in Bexley easing traffic flows and supporting economic growth (bid from London Borough of Bexley): - Support the delivery of a major infrastructure scheme to improve Queens Road junction improving traffic flows to Kent, the M25 and London easing a notorious bottleneck; - Roundabout will reduce congestion and improve transport access supporting economic development in the area and improving employment opportunities for local residents; - Scheme will support growth in Erith, Belvedere and in the Bexley Riverside Opportunity Area; - Estimated to support retention of 7800 jobs in Erith and Belvedere and the creation of around 1400 jobs in the same area; - Bexley is strategically placed in the Thames Gateway, focus of major regeneration plans; £6.8m allocated for Ealing to accelerate development and improve road access ahead of Crossrail arrival (bid from Ealing Borough Council): - Supports Ealing Council's plans to enable the development of land immediately adjacent to the new Crossrail station at Southall to maximise the social and economic opportunities coming from this new rail link; - Bid also seeks to undertake first phase of infrastructure works to facilitate housing developments in the station's vicinity; - Junction improvements will be made to South Road to help attract investment into Southall Gateway and South Gasworks sites; - Estimated this investment will support the delivery of more than 1000 new homes and 3000m2 to 4000m2 retail space by 2019; Kit Malthouse, Deputy Mayor for Business and Enterprise and co-chair of the London Enterprise Panel, said: 'We've selected four ambitious projects that meet strong criteria in terms of their ability to support regeneration and create significant numbers of jobs. I am delighted to confirm this investment into infrastructure that will have a major impact for people in these areas.' Harvey McGrath, co-chair of the London Enterprise Panel, said: 'The London Enterprise Panel is working with the Mayor to catalyse opportunities for growth. These transport projects have been selected to do just that, stimulating and attracting private sector investment into areas of London that are ripe for development.' The £40million investment is part of a £111million pot secured by Mayor from the Government's Growing Places fund to support the work of the London Enterprise Panel (LEP). The money is being invested in sectors the LEP has prioritised as vital for London's growth including support for small and medium businesses; infrastructure development; raising skills and employment opportunities; and boosting growth in digital, science, technology and creative industries. The funds invested are designed to be 'revolving' meaning money given to individual projects must be repaid back into the central fund in order to be reinvested. Repayments for these four transport projects are likely to include repayments via section 106 payments, land receipts and via the Community Infrastructure Levy.