Local infrastructure rate

Meeting: 
MQT on 2018-11-22
Session date: 
November 22, 2018
Reference: 
2018/3291
Question By: 
Florence Eshalomi
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

Transport for London is one of five local authorities that have been successful in the first round of applications, for access to a local infrastructure rate to support infrastructure projects that are high value for money. How much money has Transport for London borrowed and what projects will the money be supporting?

Answer

Local infrastructure rate

Local infrastructure rate

Answered By: 
The Mayor

Transport for London has been awarded up to £100m of Public Works Loan Board (PWLB) borrowing at the local infrastructure rate of gilts + 60 basis points for investing in the London Underground Accessibility programme. The borrowing has not yet been drawn, but is planned to go towards funding step-free access at a number of London Underground stations.