Fall in journeys leaves TfL facing near £1bn deficit next year
Surprise drop in passenger numbers forces London transport authority to trim tube upgrade
Transport for London has insisted it is not facing a financial crisis despite now planning for a near £1bn deficit next year after a surprise fall in passenger numbers.
The capital’s transport authority has shelved some of its tube upgrade plans, with its finances under pressure since the axing of a grant from the UK government worth £700m a year.
Source: Guardian Transport