A London traffic camera has made over £15million in three years, making it one of the most lucrative in the capital.
The Bank junction camera system, which sits next to the Bank of England, the Royal Exchange and Mansion house, has been under strict rules since 2017.
The camera targeting rogue drivers in Bank Junction made £15.2million in the three years through 2021, figures obtained by Bloomberg News revealed. Only buses and cyclists can travel along the stretch from 7am to 7pm on weekdays and those who breach the restrictions face a fine of £130 – lowered to £65 if paid within 14 days.
The City of London Corporation made a £3.2million haul in 2021 – 40 per cent of such fines were made in the area. The borough is one of London’s most lucrative traffic spots, even with income down at nearly half from 2020 after drivers became increasingly aware of the restrictions.
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The City of London Corporation recently agreed to review whether it should lift restrictions on black cabs driving through Bank junction on weekdays after a decline in the number of taxis in the area.
The restrictions at the junction mark a wider trend of similar London crossroads becoming major income generators, according to data obtained by Bloomberg. Newham made £11.8million from junctions like the one at Bank last year, while Hackney saw £8.79million and Enfield raked-in £7.58million.
A spokesperson for Newham told traffic restrictions slash local nitrogen dioxide levels by 40 percent, Bloomberg reported. An Enfield spokesperson said a lot of the money from traffic breaches funds free travel passes for young people and the elderly and Hackney Council said the limits protect people and are good for the environment, while the income generated goes towards road maintenance and school transport.
A City of London Corporation spokesperson said: “Parking and traffic enforcement aims to be self-financing. Where there is a surplus, it is ring-fenced by law to highways and transport related activities such as resurfacing.”
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