Big questions for shrinking finances

13 July 2016

This meeting took place on 14 July 2016. Read the transcript for the first section here and the second section here.

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.

In order to offset these pressures TfL is undertaking a “root-and-branch review” to identify savings, and is already implementing a commercial strategy which aims to raise £3.4 billion over ten years[1].

How can TfL become a more efficient transport authority?  Is its current investment programme under threat?  Will these added cost pressures negatively impact London transport services?

Tomorrow the London Assembly Budget and Performance Committee will put these questions to:

  • Nicole Badstuber, Transport Researcher, LSE Cities
  • Jonathan Roberts, Transport Planning Adviser, JRC Ltd
  • Stephen Locke, Chair, London Travelwatch

In the second part of the session the Committee will discuss the Mayor’s Budget Guidance for 2017-18[2].  This formal guidance sets out the revised process the Mayor will take to allocate funding to the GLA and its functional bodies in 2017-18.  The Committee will ask the Mayor’s Chief of Staff why he has changed the allocation process this year.

For this session the Committee has invited the following guests:

  • David Bellamy, Mayor’s Chief of Staff
  • Martin Clarke, Executive Director – Resources, GLA
  • David Gallie, Assistant Director – Group Finance, GLA

The meeting will take place on Thursday, 14 July from 2.00pm in The Chamber at City Hall (The Queen’s Walk, London SE1).

Media and members of the public are invited to attend. The meeting can also be viewed via webcast.

Follow us @LondonAssembly and take part in the meeting discussion using #AssemblyBudget and #TfLfinances.

Notes to editors

  1. Transport for London. TfL Budget 2016/17 and Business Plan. 17 March 2016. Page 58
  2. Mayor of London. The Mayor’s Budget Guidance 2017-18. 1 July 2016.
  3. The agenda and reports are available here
  4. Gareth Bacon AM, Chair of the Budget and Performance Committee is available for interview.  See contact details below.
  5. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

For media enquiries, please contact Ben Walker on 020 7983 5769.  For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officerNon-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.