Bank junction has earned £15.2million worth of penalty charges over the last three years, research reveals.
The junction, home to the Bank of England and the Royal Exchange, raked in a £3.2million haul in 2021 equating to 40 per cent of such fines levied in the Square Mile, Freedom of Information requests by Bloomberg revealed.
Motorists have been fined the record amounts for flouting a safety ban which restricts traffic to buses and cyclists only from 7am to 7pm since 2017 - with £130 fines for wrongdoers, halved if paid in 14 days.
The fines were being issued at an average of one a minute to motorists breaching weekday restrictions at Bank junction when they were unveiled - making it one of the most lucrative traffic spots in the capital.
The junction features blue bus and cycle only signs where the restrictions start but motorists have complained they can be difficult to spot.
The restrictions came in the wake of the tragic death of cyclist Ying Tao, 26, who was crushed by a left-turning HGV at Bank as she rode to work in 2015.
She was the second person killed at the junction in four years. There had also been 105 casualties, making it the most dangerous location in the city pre-pandemic.
The findings came the month after a review of the weekday traffic ban at Bank junction was ordered.
The City of London Corporation is to consider “all options” as it reviews the restrictions
The review was sparked by a motion backed by at least 45 members of the City corporation, the local authority for the Square Mile, calling for black taxis to be readmitted to the junction “at all times”.
Bloomberg also found that Newham made £11.8 million from junctions similar to the one at Bank last year. Hackney in East London made £8.79 million and Enfield collected £7.58 million.
