Commuters in Hackney have been given a New Year boost after plans for a multimillion-pound transport funding deal was revealed.

The borough will receive £3.9 million of the £148m budget for the capital’s 2016/17 improvement projects.

It will include £250,000 towards improving Well/Mare Street junction with the possible removal of staggered crossings that will make it safer for pedestrians and cyclists.

The £148m funded by the Mayor of London and Transport for London will support a range of different transport projects across East London delivered by the boroughs.

Local areas should see safer roads, better public spaces, improved walking facilities and cycling made safer and easier.

The Mayor of London Boris Johnson hailed the money’s potential to “spur jobs and growth across London”.

He said: “This latest round of funding will help to transform scores of locations in all four corners of our great city.

“It is specifically targeted to help make our roads, town centres and open spaces more attractive places with better facilities for walking and safer cycling.

“By helping the boroughs deliver on important local transport schemes, we can help to spur jobs and growth across London.”

Last year the borough also received £270,000 to pedestrianise Narrow Way to provide a safer environment for pedestrians and cyclists.

London’s Transport Commissioner, Mike Brown, said: “People in East London will see real improvements to their local areas as a result of this funding.

“Working with East London boroughs, hundreds of transport projects will be delivered that will benefit pedestrians and road users through safer streets and improved public squares.

“These improvements will help transform communities and boost the local economy.”

Of all East London’s boroughs, Hackney will receive the second highest amount of cash.