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[Article] London congestion charge reaps higher profits

28-04-2004 7:37pm

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Victor

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http://www.rte.ie/business/2004/0428/london.html

London congestion charge reaps higher profits
April 28, 2004 09:18

London's congestion charge has made a net profit of £79.8m sterling in its first year - nearly £11m more than forecast, the Financial Times said today.

The revised figure will be given to the board of Transport for London, the body responsible for the capital's transport system, next week.

The increase is the result of higher than anticipated income from penalty charge notices and a reduction in operating costs, the newspaper said, without citing sources.

London mayor Ken Livingstone, who introduced the £5 congestion charge in February 2003, is campaigning for re-election in June. He has proposed extending the world's biggest urban congestion charge to cut the volume of traffic in the city despite protests from business groups, who say trade is being driven away.

Last week, the chairman of retailer John Lewis, Sir Stuart Hampson, criticised the scheme after a study showed sales at its flagship Oxford Street store had slumped by over 5%.

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