Modern tradition has it that to celebrate a 20th anniversary, the gift of choice is made from platinum, symbolising strength and endurance.
In spite of all the challenges that 2020 threw at Transport for London (TfL), the organisation which gets us around the capital is a deserving recipient – not just for what it has done over the past two decades, but to demonstrate how critical it is in shaping our future for the better.
In its latest economic forecast, the Office for Budget Responsibility said the Covid pandemic has delivered the “largest peacetime shock to the global economy on record.” In the business community, it is important to not let current circumstances skew our view of TfL. We all know the financial challenges it is currently operating within, but likewise, we simply can’t afford to let it not deliver its potential both in terms of an economic recovery and a sustainable transport network. Because if there’s one thread which links all our ambitions for London’s future together, it’s an integrated, sustainable transport system which only TfL can deliver.
As we emerge from a globally traumatic pandemic, the rate of our recovery is still uncertain – the OBR’s best- and worst-case scenario of returning to pre-pandemic economic activity varies from Q4 2021 and Q4 2024. However, what we do know is that London’s role in the recovery of the UK economy is crucial to achieve a resilient, responsible, connected and balanced growth. To enable this growth, TfL needs to be able to deliver the pipeline of capital investment it has set out for the next 20 years.
There are four reasons why a wide-ranging, competent public transport strategy, underpinned by investment in infrastructure, is central for the growth of London. First, people need to get around. And this is no longer just about trains, the underground and buses. It is also about broader transport such as walking, cycling and e‑scooters, which are low-carbon and health boosting. Second, good public transport infrastructure is essential to improve air quality and cut carbon emissions – if we’re going to reduce car use, there has to be a viable transport alternative. Third, London desperately needs new housing. For communities to successfully grow, new transport infrastructure is essential. Finally, it is important to note that a sustainable recovery can only be achieved if there is equity among individuals and communities. Integrated, well planned and designed transport infrastructure can deliver equity. This does not exist in many cities as the pandemic has laid bare.
All this is impossible to achieve without investment in infrastructure.
With this in mind, I believe the pre-pandemic capital investment strategy TfL put in place still stands. We still need the DLR, the Bakerloo Line extension and the East London Orbital. Yes, the virus will increase flexible working, but it won’t stop the need for interaction. London is a global city and its transport infrastructure is at the heart of the way it works.
Globally, TfL is seen as turning London’s public transport into a world class system.
As a business community we should support TfL as much as possible and look to its future with positivity and consider how we can support re-energising the schemes in its pipeline.
