It has been revealed that Transport for London (TfL) have shelved a planned Thames crossing which would have seen a foot and cycle bridge built between Canary Wharf and Rotherhithe.
The project was scrapped after being deemed not economically viable, with projected costs rising beyond the half a billion pound mark.
A spokesperson for TfL stated that everything possible had been done to try and lower the project's cost.
TfL reported a £1bn "black-hole" in their budget in the last financial year, partly attributed to a cut to its government grant, although that deficit is expected to be slashed by around 50% by next April.
A spokesperson at TfL said: "We have decided to pause our work to develop a new bridge between Rotherhithe and Canary Wharf. We have identified a good solution, but an opening bridge in this place is complex and will cost more than we can afford right now.
"There is still a strong case for a new crossing for people who want to walk or cycle over the river between Rotherhithe and Canary Wharf. We're exploring options for a new fast ferry service to support new homes and jobs in the area. Along with our wider investment in new cycling facilities in this part of London, this would let more people to choose walking and cycling.
"Our work to develop proposals for a bridge means we now have a high-quality design, detailed procedures for how it would operate and plans for how it could be built in the future. We will keep this under review and update everyone once our proposals for a ferry service have moved ahead."
Image Source: TfL