Transport for London has shelved the £43m pedestrianisation project of Oxford Street due to it’s ongoing financial crisis.
Pedestrianising Oxford Street was one of the London Mayor’s manifesto promises in 2016 but his fares freeze emerged as part of the reason TfL abandoned the project
TfL has confirmed that the £43m funds had been reallocated to other streets projects, such as the CS9 cycle superhighway in Chiswick, the CS4 superhighway in Greenwich and the CS1 in Hackney.
These are schemes across London designed to create safer, healthier and less polluted streets.
Westminster City Council has other plans to keep Oxford Street open to vehicles but “significantly reduce” the number of buses and potentially ban taxis and cars at peak times.
The changes emerge in TfL’s new five-year budget, which “assumes” there will be a fares hike equivalent to the RPI rate of inflation plus one per cent from 2021. RPI is currently 3.3 per cent. This could add at least 15p onto every Tube journey.
TfL said the factors behind the anticipated fares hike is because of the loss of the £700m a year Government subsidy, “macroeconomic conditions” that have reduced journeys, particularly off-peak bus travel, and the £600m black hole in TfL income caused by a delay of up to two years in opening Crossrail.