Economy will stall without London investment, says Centre for Cities
A failure to invest in London’s transport infrastructure will constrain the UK’s economy going forward, according to a new report.
The Centre for Cities transport report found London was “outgrowing its transport capacity” and that a lack of transport investment would result in a “hard [economic] landing”.
The think tank calls for £31bn investment in London transport projects over the next 20 years and more devolution to local authorities to allocate infrastructure funding.
Centre for Cities chief executive Andrew Carter said that a falure to invest in transport in congested cities “will stall growth and cost the UK economy billions of pounds”.
Capital Economics’ group chief economist Neil Shearing said weak transport investment in London “is almost certainly a large break on the economy”.
“Most analysis suggests that infrastructure investment should be concentrated in and around London, as well as the northern corridor,” he said.