The London Property Alliance urges the government to secure a long-term funding agreement for Transport for London ahead of the Spring Statement. They highlight the potential of property developments to generate financing for public transport upgrades, suggesting new taxes akin to the Mayoral Community Infrastructure Levy to aid funding efforts. The LPA emphasizes local councils' existing tax powers and advocates for hastening the use of unspent Community Infrastructure Levy contributions. Successful funding mechanisms, like for the Elizabeth line, should inform future upgrades for projects including the Bakerloo line and Crossrail 2.
Central London is the most economically productive area in the UK and therefore ability to upgrade the transport system relies on innovative funding mechanisms.
The government should explore additional development taxes, like the Mayoral Community Infrastructure Levy, to generate funding for transport upgrades.
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