And this release is on the ellp site:


Mayor of London

news release
Office hours: 020 7983 4070
Out of hours and weekends: 020 7983 4000
www.london.gov.uk
GLA/2004/ 269 July 20 2004

FOR IMMEDIATE RELEASE

Mayor statement on East London Line extension

Ken Livingstone, the Mayor of London, today confirmed he has reached an
agreement with the Government on Transport for London's borrowing limits that
will allow TfL to proceed with constructing the East London Line extension. This
follows Alistair Darling's statement on the Government's five year transport
plan and transport Spending Review.

The Mayor said the agreement, which will enable TfL to go ahead with the East
London Line extension, transit schemes in East London and Greenwich and
extensions to the DLR and its services were a major boost to London's 2012
Olympic bid. He also strongly welcomed the announcement that the Government
would be proceeding with the Hybrid Bill to allow the construction of Crossrail.

However, the Mayor warned that the great majority of the extra funding announced
in the transport Spending Review would be going to Network Rail to deal with the
disastrous consequences of rail privatisation.

As a result TfL had not secured the extra revenue resources that its successful
track record merited and would face some difficult decisions in finalising its
business plan.

Mayor of London, Ken Livingstone said:

"It's excellent news that the Government has accepted my proposal that TfL
should take over construction of the urgently needed East London Line extension
and agreed the borrowing approval we need. The first phase of this project is a
big boost for everyone in east and south London who have campaigned for this
vital new tube line. It also shows the Government's and my total commitment to
London's Olympic bid.

"But today's announcement also shows just how much rail privatisation is still
costing us all. The legacy of rail privatisation is swallowing up resources that
should ideally have been available to invest in and build on our proven
successes. That has denied TfL the resources it needs to proceed with its full
plans for making more improvements to transport in London. As a result, we will
face some difficult decisions in finalising the TfL Business Plan."

ENDS

For further information contact Sam Hart in the Mayor's Press Office on 020 7983
4714. For out of hours media enquiries please call 020 7983 4000

For non-media enquiries please call the Public Liaison Unit on 020 7983 4100