The London Assembly’s transport committee and economic development, culture, sport and tourism committee has written to chancellor George Osborne to underline the economic benefit of investment in the capital’s transport network.
The cross-party letter unanimously backs the long-term case for continuing to revitalise London’s transport infrastructure for the benefit not just of the capital but the country as a whole.
Transport committee chairman Val Shawcross said: “London is the engine of the UK economy and extra transport capacity is vital to keeping the capital competitive in the years to come.
“Crossrail alone has the potential to increase rail capacity by 10%; linking Heathrow with the City, Canary Wharf and the new development areas of East London and the Thames Gateway.
“The Tube already carries more than a billion people a year, but without upgrade work we cannot expect the service to keep pace with London’s growing population, let alone provide the world-class service this city needs.
“Estimates suggest that together, Crossrail and Tube upgrades could be worth up to £78 billion to the UK economy. In the current economic climate these are arguments that we cannot afford to ignore.
“It is in the national interest to keep London moving and it would be a terrible mistake to jeopardise future productivity for the sake of short term savings.”