Sadiq Khan ‘facing £3.7bn black hole if he honours transport pledges’

Warning: Tories said Sadiq Khan could not afford his transport promises
EPA
Pippa Crerar19 December 2016

Tories on the London Assembly today claimed that Sadiq Khan’s “fantasy economics” would leave the capital with a £3.7 billion transport black hole if he delivered on planned projects.

They said the Mayor would either have to “raid” Transport for London’s Tube modernisation budget to plug the gap or break his promises.

However, City Hall aides said the Conservatives’ figures had been “simply made up” and that Mr Khan’s transport business plan was fully funded.

The Tories claimed Mr Khan had not shown how he would pay for some £3.7 billion of manifesto promises, including £2 billion on new river crossings east of Tower Bridge such as one for cyclists and pedestrians between Rotherhithe and Canary Wharf.

Other promises included £400 million on standardising bus wages, £780 million on extending the Ultra Low emission Zone and £200 million on the new Hopper bus fare.

Gareth Bacon, Tory leader on the Assembly, said: “As hard as the London Mayor may try to distance himself from the Labour Party’s fantasy economics, it seems he is as guilty as any of them.

“Sadiq Khan has given himself two options here, raid the TfL budget earmarked for vital Tube work or break the promises he was elected on, either way it will be ordinary working Londoners who pay the price.”

He added that the Mayor’s draft business plan showed an increase in long-term borrowing from £8.3 billion to £12.1 billion, a 27 per cent increase in long-term liabilities and usable reserves cut by £1.7 billion — and that efficiency savings were not guaranteed.

However, a spokesman for the Mayor said: “Our recently published and fully funded business plan clearly sets out how the Mayor is driving over £4 billion in savings at TfL.”

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