The Mayor of London, Boris Johnson, has welcomed the elements of the Government's Comprehensive Spending Review that have protected funding for London's cycling revolution.
Speaking at a City Hall press conference, the Mayor said Transport for London's (TfL) funding settlement means cash will be available to continue the extension of Barclays Cycle Hire ahead of the London 2012 Games and delivery of all 12 Barclays Cycle Superhighways by 2015.
“Today is the culmination of months of hard negotiations with the Government and I am pleased that they have recognised the immense importance of protecting investment in the capital.
“London is the engine of the UK's economy and it would be fiscal suicide to have starved it of fuel.
“This remains a difficult settlement but I am glad the Government has recognised my administration in London has been two years ahead of the rest of the country in identifying and making savings, with well over £5bn identified at Transport for London alone.
“Tough decisions have already been taken in the capital and more must be made; but we will continue to share the pain of the nation as we work with the Government to help put Britain's finances back in order.”
Approximately one-third of TfL's funding comes from a direct grant from the Department for Transport (DfT). Following the Government's Comprehensive Spending Review, TfL's overall grant funding from the DfT has been reduced by £2.17bn in total over the four years covered by the CSR, or 21 per cent in real terms in 2014/15, when compared to the base year of 2010/11.