Transport delays cost us £1.75bn

Transport delays in central London now cost business and residents more than £1.75 billion a year, new statistics reveal today.

The cost of hold-ups works out at more than £1,220 a year for each person working in the centre of the capital. The figures were released by Mayor Ken Livingstone today - hours before he was due to be grilled by the London Assembly over his plans to boost the congestion charge from ?5 to ?8.

Nearly 36 per cent of the hold-ups are on the roads, landing the capital with extra costs of ?627 million a year. But 32.5 per cent of the delays - £568 million - are on the Tube and 15 per cent - £263 million - are on the buses.

The survey shows that 15.1 per cent of delays take place on national rail, costing London £265 million a year. Delays to taxis account for 1.5 per cent (£27 million).