London needs 1.3 tn pounds to boost infrastructure: Report

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IANS | 31 Jul, 2014
Britain's capital needs 1.3 trillion pounds of investment in infrastructure to maintain its status as a leading global city, a new report revealed Wednesday.

The London Infrastructure Plan 2050 says the city's population is due to soar by 37 percent to more than 11 million by the middle of the century and that there was a need to find 1.3 trillion pounds, akin to funding a London Olympics every three months for the next 35 years, the London Evening Standard reported.

"This plan is a real wake-up call to the stark needs that face London over the next half-century. Infrastructure underpins everything we do and we all use it every day. Without a long-term plan for investment and the political will to implement it, this city will falter," London Mayor Boris Johnson was quoted as saying.

The mayor's office suggests much of this investment can come from the private sector and be met through "better integration, asset management, procurement and forward planning".

According to the plan, among the key infrastructure projects that need funding include new train systems, 50,000 new homes every year and 22,000 acres of green space.