How is the Mayor spending his £4.4 billion capital spending budget?

12 June 2023

With a Capital Spending Plan of £4.4 billion, the Mayor oversees a significant level of investment into London. Is the Mayor’s capital spend for Transport for London (TfL) and the Greater London Authority (GLA) delivering for Londoners and is it getting value for money?

The Mayor published his Capital Spending Plan for the GLA Group in February 2023, which included plans for £4.4 billion of capital expenditure across the GLA Group. TfL is responsible for the delivery of £2.3 billion of capital expenditure this financial year and the GLA a further £1.5 billion.

Key areas of investment for the TfL Capital Spending Programme include:

Renewals – £725 million
Piccadilly line rolling stock - £431.3 million
DLR fleet replacement - £260.2 million
Transport Trading Limited Properties - £229 million
Healthy Streets - £108.5 million
ULEZ expansion - £82.5 million
Crossrail construction programme - £47.6 million
Modernisation of Circle, District, Hammersmith and City and Metropolitan lines - £101.6 million
Major Station Upgrades including Elephant and Castle - £18.8 million

The London Assembly Budget and Performance Committee will meet tomorrow to examine issues of choice and delivery of capital spending projects, specifically TfL and the GLA’s Affordable Housing Programme, as well as value for money considerations.

The guests are:

Part one – TfL’s Capital Programme

Patrick Doig, Chief Finance Officer, TfL
Rachel Sherry, Capital Finance Director, TfL

Part two – The GLA’s Affordable Housing Programme

Tim Steer, Executive Director, Housing and Land, GLA
Heather Juman, Assistant Director, Housing, GLA
Tajmina Jetha, Head of Programme Management, GLA

The meeting will take place on Tuesday 13 June 2023 from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

Media and members of the public are invited to attend.

The meeting can also be viewed LIVE or later via webcast or YouTube.

Notes to editors

Read the agenda papers.
Neil Garratt AM, Chairman of the Budget and Performance Committee, is available for interview.
Find out more about the work of the Budget and Performance Committee.
As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

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