Transport for London's financial challenge

Transport for London is facing increasing financial pressures. Its revenue grant from Government is reducing, it has taken on additional costs for service expansions, and it has also committed to implementing the Mayor’s key transport manifesto commitments – such as a four year fare freeze.

Major capital investment in the transport network is needed to keep London moving as its population continues to grow.

What will the Mayor’s commitments mean for TfL, and by implication, Londoners? Over the summer of 2016 the London Assembly Budget and Performance Committee put these questions to TfL and asked how it intends to do more with less. This report presents the initial analysis of TfL’s financial challenge. It identifies many issues and unanswered questions which the Committee expects to return to throughout the Mayor’s term.

The report is attached below.