By investing £180 billion of public and private cash over the next decade - split equally between roads and railways - plus a further £60 billion for local transport including London, where £3.2 billion is to be invested in the next three years to reduce traffic congestion and overcrowding on the Underground.The Government aims to:
In launching the strategy on Thursday, John Prescott claimed that 'Transport 2010 - The Ten Year Plan' was 'designed to tackle the legacy of under-investment, fragmentation and short termism which had come from 30 years of neglect'. He said: 'This is a Government working with business to deliver the long-term investment needed to rebuild our infrastructure, cut congestion, improve public transport and give people choice. Better transport is a key element of a prosperous economy and is essential to help improve the competitiveness of British business.'
A further analysis of where the £180 billion will be spent reveals:
Of the £180 billion, Prescott calculates £132 billion will come from the public purse with the remainder from private funding, particularly in relation to rail and London Underground as well as some road development.
A near doubling of the transport budget will provide the launchpad for the ten-year strategy aimed at delivering a transport system which will transform Britain and boost businesses. The transport budget, at £4,895 million for the current financial year, will rise to £6,019 million in 2001/02, £7,369 million in 2002/03 and £9,120 million in 2003/04, Chancellor of the Exchequer Gordon Brown told the House of Commons as he announced the Government's three-year spending plans.
Within the Spending Review 2000 settlement, transport capital investment rises from £2,332 million for 2000-01 to £6,176 million for 2003-04.
For four pages of in-depth analysis, see this week's edition of Fleet News.