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London needs £1.3 TRILLION by 2050, says Boris

posted on Aug 2, 2014

A whopping £1.3 trillion – that’s how much investment the capital needs by 2050.

Launching a new report, “London Infrastructure Plan 2050”, London Mayor Boris Johnson said that London needs a “a real wake-up call” to fulfil the capital’s needs over the next half century.

He said: “Without a long-term plan for investment and the political will to implement it, this city will falter. Londoners need to know they will get the homes, water, energy, schools, transport, digital connectivity and better quality of life that they expect.”

Take a look at what the capital needs by 2050:

£200bn - spending on transport infrastructure needed in the capital by 2050

For London to retain its crown as one of the world’s top cities, it needs a £200bn investment for transport. The new transport plans include:

-          A fast orbital rail service linking boroughs in the inner suburbs which will help regenerate areas and decongest Tube lines

-          Crossrail 2, a new north-south line linking Wimbledon to Hackney across central London

-          Driverless cars

11 million – London’s population by 2050

London is set to surpass its previous 1939 population peak of 8.6 million at some time in 2015. The report suggests the capital will have 10 million people by the early 2030s and 11 million by 2050.

6.3 million – employment in the capital by 2050

The capital provided 4.9 million jobs in 2011 and that number is expected to increase to 6.3 million by 2050. According to the report, this equates to a per annum growth rate of 0.71%.

1.5 million new homes by 2050

The number of houses London delivers is on the rise. However, to meet the backlog, the capital needs to build 49,000 new homes every year. By 2050, Londoners need 1.5 million new homes.

Source: By: Shruti Tripathi - http://www.londonlovesbusiness.com

 

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