A new study by the Royal Institution of Chartered Surveyors (RICS) has identified black holes in London’s transport plans. There are 64 schemes currently being considered, from new tube and train lines to additional bus and tram routes, but simply not enough money to implement them.

Costs are estimated at between £53 - £76 billion, with a gap in funding of around £35 billion. These deficits mean that many schemes will not even reach the drawing board.

The study ‘Funding London’s Transport Needs’ provides a comprehensive, practical toolkit for those involved in planning and running London’s transport infrastructure. It draws attention to the shortfalls in the current transport system, and from the 64 schemes on the agenda, identifies 16 core schemes - massively reducing the costs to £33-39 billion, although still leaving a substantial funding gap.

Amongst the 16 schemes are Cross Rail, a DLR extension to London City airport, upgrading the A13 and a Peckham to Camden cross river tram link.

The research, carried out for RICS by GVA Grimley, also looks at the timing, status and funding available for each project and suggests 17 innovative funding methods that could be used to close the current funding gap, and also generate more funding in the future. These include:

• Sales and gambling taxes.
• Workplace and general parking charges.
• Motor taxes.
• Property related taxes.
• Development charges

The study looks closely at the case of each of the 16 core schemes and at the broader regeneration benefits they can offer London. RICS believes that whilst transport plays a critical role in encouraging and stimulating the economy, it can also play a part in regenerating the city and improving the quality of life for London’s residents, commuters and visitors – the key to London’s continuing success as capital.

The importance of getting the right transport infrastructure for London cannot be over-stated. It is crucial that the government lead on this, say RICS.

Author of the study, Jim Whelan, says:

“Without transport improvement, the future success of London as a leading world city will be seriously compromised. Both existing 'successful' areas, such as central London, as well as ‘opportunity’ areas such as Thames Gateway, need attention.”

“These improvements will come with a price tag, but there is little agreement as to who will pay, or indeed, what the priorities are. We have identified potential realistic sources of funding for schemes that government is unable or unwilling to support. However, in using any method for securing additional funding, it is vital that the 'payers' actually see the benefits."