Congestion taxing to rear its ugly head once more - if Bloomberg is not stopped - Here's what we're in for
|[ London's Mayor to Increase Underground, Bus Fares|
The city's traffic-congestion charge also increases next year, to as much as 10 pounds a day from 8 pounds, the mayor said. “We are in desperate need of ... ]
The higher congestion charge “will mean less money in businesses’ bank accounts and fewer customers in the capital’s shops,” Helen Hill, director of policy at the London Chamber of Commerce and Industry, said in an e-mailed statement. The higher fares will place “even more financial pressure on London’s businesses and their employees as we try and make the jump from recession to recovery.”
Cost of Decline
The economic decline will cost Transport for London, the city’s transportation agency, a total of 300 million pounds this year [ that's $ 479,171,235 U.S. dollars!! ], mostly through lost ticket and advertising revenue, an aide to the mayor said. Passenger traffic is expected to fall by as much 6 percent in 2010 and won’t pick up before 2012, said Peter Hendy, London transport commissioner.