London’s Economy

The hon. Lady has just pointed out the wondrous record of Transport for London. Its iconic policy, the congestion charge, has been anything but a financial success. Indeed, the biggest criticism has been that it has raised some £900 million in the five years and one month since it was set up, but that most of that has gone on capital and administrative costs. It has not in any way been a great success, but rather a great disappointment in respect of the amount of money that might otherwise have been secured for other transport projects.