What the 2024 Budget means for the future of London’s transport, including new trains for the Bakerloo, Elizabeth and Piccadilly lines

Yesterday (October 30) Chancellor of the Exchequer Rachel Reeves announced the government’s latest Budget. And it was filled with lots of interesting stuff, from increasing the cap on single bus fares to £3 to the price of pints potentially going down. 

But what did Reeves’ Budget mean for London, and specifically the capital’s transport network? London has several big-ticket infrastructure projects underway – like new trains for the Piccadilly line and more trains for the Elizabeth line – and there are even more in the pipeline.

The extension of the Bakerloo line, extending the DLR to Thamesmead, Crossrail 2 and HS2 going all the way to Euston are just some of the massive infrastructure projects that could be coming to London. But what did the Budget say about them – if anything?

Yesterday’s big news concerned HS2. As had previously been suggested, the high speed line will now go all the way into Euston and central London, meaning users of HS2 won’t have to change at Old Oak Common and get the Lizzy line into town after all.

But that isn’t all. TfL will receive a total of £485 million over the next financial year for major ‘capital renewal’ projects. This will go towards the Piccadilly line’s new trains and the new stock for the Elizabeth line, but it could also help fund new depots and trains on the DLR.

City Hall has also suggested the money could upgrade signalling on the District and Metropolitan lines, build new trams in Croydon and even help TfL put down an order for new Bakerloo line trains. On top of this, the cash could be used to make improvements on the A40 Westway.

What wasn’t in the Budget was news about the proposed extensions of the Bakerloo line and DLR. Crossrail 2 also remains suspended with no official decision.

Commenting on the Budget funding, Mayor Sadiq Khan said: ‘Substantial additional funding for TfL is fantastic news and will help to support the crucial maintenance, renewal and growth of London’s transport system.’

TfL commissioner Andy Lord said: ‘This investment will ensure that London’s transport network can continue to support new homes, economic growth and productivity in the city.

‘Throughout 2022/23 we spent £6.5bn with more than 2,000 suppliers, two-thirds of which were based outside of London. We are pleased that, together with our suppliers, we can move on from the inadequate funding over recent years and get on with the vital work of making our city and our country work for everyone.’

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