Autumn Statement: £1 billion investment into Britain's roads

7 December 2012

Britain’s roads will benefit from an extra £1 billion of investment, Chancellor George Osborne announced in the Autumn Statement this afternoon.

Improvement work includes upgrading sections of the A1 between London and Newcastle, a new link from the A5 to M1, a widening of the A30 in Cornwall, and upgrading the M25 around London.

Meanwhile, rail projects announced included extending the proposed HS2 high-speed trainline that will run between London to Birmingham on to West Yorkshire and the North West.

Transport for London (TfL) will also receive a £1 billion loan to extend London's Northern Line to Battersea Park.

The government has also capped the average rise in regulated rail fares and TfL season tickets to the retail prices index measure of inflation (currently 3.2%) plus 1% for two years from January 2013.

Currently, the cap is RPI plus 3%.

The cap will benefit a quarter of a million of season ticket holders, according the Prime Minister.

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