TfL has predicted that it will need £5.8bn of Government money to keep services running until March 2022. The figures show that on top of the £1.033 billion it is expecting to receive from Government in the first bailout, TfL claims it will need a further £1.832 billion to keep it afloat until March 2021 and then an additional £2.94 billion to see it through until the end of the 2022 financial year.
£5.8bn of funding equates to more than £700 per Londoner or £90 for every person living in the UK.
This is the third of five meetings which the London Assembly Budget and Performance Committee is holding to look at Greater London Authority Group budget issues in light of the financial challenges presented by the COVID-19 pandemic. Tomorrow, the Committee will look at TfL. The main points of discussion include:
- COVID-19 has led to a significant reduction in passenger income, which make up a large proportion of TfL’s income.
- The Government agreed a £1.6 billion funding package to allow TfL to continue to run its services until October 2020.
- TfL is asking for a further £1.8 billion in funding to cover the period October 2020 – March 2021 and a further £2.9 billion funding for 2021-22 to maintain £1.2 billion in cash reserves.
- The Elizabeth line is facing further delays, partly from the impact of COVID-19, and will now cost a further £450 million.
- The Mayor has indicated that a deal for the additional funds to tide TfL over needs to be completed by today (30 September).
- Heidi Alexander, Deputy Mayor for Transport
- Andy Byford, Commissioner, Transport for London (TfL)
- Simon Kilonback, Chief Financial Officer (CFO), TfL
- David Gallie, Executive Director, Resources, GLA
The meeting will take place on Thursday, 1 October 2020 from 10.00am. This meeting will take place in a hybrid format, with some Members participating virtually and some participating in person, in accordance with Government advice and requirements on social distancing.
Media and members of the public can watch the meeting live here.
Notes to editors
- TfL, Finance Report and Revised Budget 29 July 2020, http://content.tfl.gov.uk/board-20200729-item09-finance-report-revised-budget.pdf
- Full agenda papers.
- Susan Hall AM, Chairman of the Budget and Performance Committee is available for interview.
- Find out more about the work of the Budget and Performance Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more details, please contact Aoife Nolan in the Assembly Media Office on 020 7983 4067. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit, Greater London Authority, on 020 7983 4100.