Transport for London has announced that a new bridge is not currently affordable due to costs being greater than originally anticipated.

The final cost of the project has been estimated at US$764 million, in contrast with the US$446-million allocated in TFL’s business plan.

As a result, TFL is progressing a proposal for a fast ferry service that will provide an improved route across the river for pedestrians and cyclists.

A consultation into the new crossing had been launched in November 2017 as part of London mayor Sadiq Khan’s wider package of river crossings and new walking and cycling infrastructure in the east of the city.

The need for the new crossing had been reviewed by consultants Arcadis and Knight Architects, with three options shortlisted: an enhanced ferry service, a bridge or a tunnel. At the time, TFL’s preferred option had been a bridge that allowed the movement of vessels on the river to continue.