Bordered by the Bank of England, the Royal Exchange and the Manor, Bank Junction is the beating heart of the City of London. It is also one of the top spinners of the financial district.
Bordered by the Bank of England, the Royal Exchange and the Manor, Bank Junction is the beating heart of the City of London. It is also one of the top spinners of the financial district.
A traffic camera system designed to catch vehicles breaking its strict restrictions has raked in £15.2 million ($18.9 million) in fines over the three years to 2021, according to the report. Freedom of Information request to the City of London Corporation, the governing body of the school district.
The £3.2million in 2021 is about 40% of all such fines charged at the Square Mile and makes it one of the most lucrative transport hubs in the UK capital – even if nearly halved from 2020 as drivers follow the restrictions.
Only buses and cyclists will be allowed to cross the intersection on weekdays between 7am and 7pm as of 2017. Violating those restrictions will result in a £130 fine, although that is reduced to £65 if paid within 14 days.
With many streets lined with equestrian statues of the Duke of Wellington, the intersection was once one of London’s most famous. Streets now warn of restrictions and offer advice on alternative routes. Bus and bus-only signs in blue were displayed at the start of the restriction, although those who had been fined mumbled darkly about the barely discernible warnings.
John Walters, a 36-year-old taxi driver, said he was fined five times at the junction and successfully appealed three times. “I was nervous for a long time, picking up passengers with all these cameras was a challenge,” he said in an interview. “It just makes driving here difficult.”
A representative for the City of London noted that parking and traffic enforcement are meant to be self-financed and that “if there is a surplus it is barricaded by legislation for motorways and operations. related to traffic such as resurfacing.”
The junction ban is part of a broader trend that has seen similar crossroads across London become a major source of revenue, as requested by Bloomberg News’ FOI.
Newham made £11.8m from similar deals at Bank last year. Hackney in East London made £8.79m and Enfield took in £7.58m.
A Newham spokesman said the traffic restrictions have cut nitrogen dioxide levels in the immediate area by 40%. An Enfield representative said most of the money went to fund free travel tickets for the elderly and children. Hackney Council said the restrictions keep people safe and make the streets greener, adding that the money is invested in services including road maintenance and school transport. learn.
At Bank Junction, the favorable market conditions behind its seven-figure earnings could soon recede. The City of London is looking at restrictions at intersections that could see them eased.
Some users do not hold their breath.
“With the City of London, I will believe it when I see it,” said taxi driver Scott Forth.
