Charging for access to the Capital is set to begin on February 17, 2003.
The London Mayor, who this morning signed the Transport for London's congestion charge scheme order, said: 'As a result of what I am confirming today, for the first time there will be a serious attempt to tackle the chronic traffic congestion in central London.'
He said congestion charging is estimated to raise between £130 million and £150 million net annually.
By law, the revenue from congestion charging will be invested in improving London's transport system for at least 10 years.
The charging zone will be within the Inner Ring Road, and the amount for each journey will be £5. The charging times will be between 7am and 6.30pm, Monday to Friday.
Emergency vehicles, motorbikes, mopeds, buses and coaches will be exempt from charging. Blue Badge holders, black cabs, licensed minicabs, firefighters travelling between stations for operational reasons and NHS staff using their vehicles for work will also not be charged. Those living within the charging zone will receive a 90% discount. Exemptions could also be made for patients undergoing treatment for chronic illnesses at hospitals in the charging zone.
Alternative fuel-powered vehicles and breakdown and recovery vehicles will also not be charged as long as owners/operators pay an annual £10 registration fee.