Is Transport for London still having to mind the financial gap?

In February, Christopher Westcott asked if Transport for London could ever become financially sustainable? In an update, he explores whether there is still a hole in its finances, and what this could mean.

Christopher Westcott

IN RE321, I concluded: “TfL cannot rely upon the current model of post-pandemic passenger income as its principal source of income” and that a realistic long-term sustainable financial model needs to be found. In May, Appendix 1 to the Statement of Accounts in the TfL Budget 2023-24 document referred to: “In 2024/25, TfL is able to fund around three-quarters of its total £2 billion capital investment, but a Government funding contribution of £475 million is assumed.” This financial gap of £475m to support capital funding projects was repeated at the London Assembly by both Sadiq Khan, Mayor of London and Andy Lord, TfL commissioner, during a meeting on July 6. The loss of TfL’s annual Government grant prior to the Covid-19 pandemic has focussed thinking and spending policies for much of the past…

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Rail Express (Digital) - 1 Issue, September 2023

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