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London rail schemes in Budget

 

Rail extension to Barking Riverside and new station at Brent Cross would support development

The Chancellor of the Exchequer’s Budget announcement on 19 March included a government commitment to ‘work with the Mayor of London and the Greater London Authority (GLA) to develop proposals for extending the Gospel Oak to Barking Line to Barking Riverside, and to ensure that any public investment unlocks the construction of up to 11,000 new homes.’

Welcoming the announcement, the Mayor, Boris Johnson, said, ‘The new rail link will enable development of the largest single site in London for new housing, with the potential to accommodate a population the size of Windsor. The joint venture between the Greater London Authority and Bellway Homes will see 11,000 new homes, 6,000 jobs and 5 new schools built on a near 450 acre site.’

The government ‘will also work with the GLA and the London Borough of Barnet to look at proposals for the Brent Cross regeneration scheme, subject to value for money and affordability.’

The Mayor said this support for the delivery of transport improvements and regeneration in the Brent Cross Cricklewood area would contribute to the development of a new metropolitan town centre on a scale comparable with the Olympic Park. ‘Working with the Treasury and the London Borough of Barnet, the GLA will bring forward plans for a tax incremental financing scheme based on business rate uplift that City Hall intend will help to fund a new rail station at Brent Cross on the Thameslink line.’

The Chancellor, in his Budget Speech, also said, ‘We’ve been reminded again this week of the benefits high speed rail will bring to the north of our country and I’m determined it goes further north faster.’

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