Profits from the London congestion charge have fallen by more than £17 million, according to Transport for London’s annual report for 2006-7.
The London congestion charge raised £252.4 million in revenue last year – down from £254.1 million the year before. However, the costs associated with administering the scheme rose, partially as a result of the start-up of the western extension. The cost of running the scheme rose to £163.3m from £146.7m in 2005-6. Consequently, the profit available to invest in transport projects fell to £89.1m.
Mayor Ken Livingstone said: “Congestion Charging has resulted in a 20 per cent reduction in traffic within the original zone and early monitoring of the western extension, successfully introduced on 19 February 2007, shows a 13 per cent reduction in traffic levels.”
Transport for London had predicted that revenue would rise to £258m this year when it published its business plan for the five years to 2010. The plan forecast that revenue would rise to £359m in 2008-9 before falling back to £348m the following year.
