Crossrail 2 funding decision later this year as vision unveiled for London’s future

Government plans to invest in London so it can outpace New York as a global city include £10bn of investment in transport over the next six years and the building of 400,000 new homes.

Prioritised roposals unveiled last week by Chancellor George Osborne and London Mayor Boris Johnson include  Crossrail 2, the Bakerloo Line extension, Old Oak Common redevelopment, the next phase of Underground upgrades, Lower Thames Crossing and East London river crossings. “This will ensure that new decisions on spending can be taken later this year,” they said.

Extensions to the 24 hour Tube were also announced, to include the London Overground in 2017, and the District, Circle, Metropolitan and Hammersmith & City lines once the modernisation programme is complete.

A West Anglia Task Force is also being created to look at opportunities to improve connections to Stansted and Cambridge from Liverpool Street station.

In terms of housing a London Land Commission is being established to identify public sector land for development, which will help London to develop the equivalent of 100% of London’s brownfield land by 2025 – supporting London to meet its target of building over 400,000 homes by 2025. The  commission will be charged with developing the country’s most comprehensive database of public sector land and play a vital role in tackling London’s housing supply challenges

Alongside that nine new Housing zones have been designated nine in Greenwich, Bexley, Barking and Dagenham, Wandsworth, Harrow, Hounslow, Lewisham, Southall and Haringey, intended to support and accelerate the construction of up to 30,000 new homes.

The aim is to add £6.4bn to the London economy by 2030 and create half a million new jobs by 2020 to secure the capital’s economic future by outpacing big rival New York.

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