Transport for London's financial numbers crunch
A cross-party report has set out the substantial budgetary challenges facing the capital’s transport agency
Put at its simplest, Transport for London (TfL) needs more money but is getting less of it. A year or so ago, it said its annual income was £11.5bn, but the figure in its 2016/17 budget and business plan, published in March, was £10.4bn (see page 60) – and that was before Sadiq Khan was elected mayor. Government cuts were already reducing the amount of cash coming in, and Khan’s fares freeze and requirement that more housing is built on TfL land is “genuinely affordable” look set to reduce it more.
Meanwhile, London’s population is projected to rise from its current 8.6 million-plus to 10 million by 2030. TfL has a large programme of investment in new and improved transport capacity to enable all those extra people and all the others who work in or visit London each day to get around the place as comfortably and efficiently as possible. If that programme is not to be reduced, as Khan promised it won’t be, TfL has to find ways to increase its income and reduce its costs, as Khan promised it will.
Source: Guardian Transport