Are Transport for London’s financial problems escalating?

11 June 2018

Transport for London’s debt is rising and will hit over £13 billion by 2022-23.


As part of an investigation into TfL’s worrying fiscal position the London Assembly Budget and Performance Committee will tomorrow put questions to the organisation’s finance bosses.


The organisation has ambitious plans to come out of deficit and return to a surplus position by 2021-22. The plans hinge on substantially increasing income, both from fares and from commercial sources, as well as making significant cost savings.


Key questions are:


Will the Elizabeth Line be open as planned in December 2018? If not, what are the financial consequences?

Why is TfL pursuing foreign contracts such as running transport for Buenos Aries in Argentina before they have their own financial house in order?


The following guests will answer questions:

  • Simon Kilonback, Chief Finance Officer, TfL
  • Shashi Verma, Director of Customer Experience, TfL
  • Patrick Doig, Divisional Finance Director – Surface Transport, TfL
  • Graeme Craig, Director of Commercial Development, TfL

The meeting will take place on Tuesday 12 June from 11.00 am 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 LIVE via webcast or   YouTube

Follow us @LondonAssembly and take part in the discussion using #TfLFinances

Notes to editors


  1. The key responsibility of the Budget and Performance Committee is its annual scrutiny of the Mayor’s budget proposals for the next financial year. This involves detailed examination of the Mayor’s plans for spending his budget to help ensure taxpayers’ money is spent appropriately and effectively.
  2. The Mayor oversees a total budget of £17 billion. Two London Assembly Budget Committees consider if this money is put to good use: the main Budget and Performance Committee, which is supported by a specialist Budget Monitoring Sub-Committee.
  3. Gareth Bacon AM, Chairman of the Budget & Performance Committee is available for interview.  See contact details below.
  4. 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 Howard Wheeler on 020 7983 5769 [email protected] 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.

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