London’s Economy

I simply say that although parts of my constituency are wealthy, some are very poor, and I shall refer to them shortly. The hon. Gentleman makes an interesting point. I certainly do not advocate a return to the city states of ancient Greece, nor a London nationalist or separatist movement, but London’s problems are unique in many ways and require special solutions that do not necessarily match with national policy across the board. The starting point must be public transport, because the contribution of its network to London’s economic viability, and therefore the nation’s, is undeniable. London businesses consistently cite transport constraints, such as delays and overcrowding, among their greatest concerns. There are significant cost implications when people are late for work, because loss of productivity and lost business inevitably follow from unreliability. People arrive at work, or at home after the working day, stressed out from their journeys on public transport. In 2005, the cost of transport delays to central London workers and businesses was estimated to be £1.2 billion a year. Sir Rod Eddington's study, which was published last December, emphasised the importance that transport plays in supporting a strong and growing economy. His report stated:"““There is clear evidence that a comprehensive and high-performing transport system is an important enabler of sustained economic prosperity””" and that"““the strategic economic priorities for long-term transport policy should be growing and congested urban areas and their catchments””."