Research: "infrastructure key to London growth"
Thu 30th October 2014, 9:09 am
A recently published report has found that investment in infrastructure is vital for regeneration and increasing the number of new homes being built in London.
The report: "Spotlight on London infrastructure, connecting opportunities", by Savills, estimates the cost of neccesary infrastructure in London up to 2050 can amount to at least £9 billion.
That amount includes the cost of two Crossrail lines, extensions of Bakerloo, DLR and overground lines, as well as HS2 cost and road improvements.
Investments like these will open up new lower value parts of the capital by reducing commuter times to central London.
The report said that the Community Infrastructre Levy has so far been a success, but it is antipicated that only enough will be raised to cover 2% of the cost of Crossrail.
Susan Emmett, Savills residential research director, said: "London needs a long-term vision and deep pockets if it is to accommodate forecast population growth and retain its competitiveness as a world city."