What will Friday’s further funding deal delay mean for Transport for London’s (TfL) finances, its passengers and services?
The COVID-19 pandemic saw passenger income decrease to 67 per cent last year and it currently remains 39 per cent down on pre-pandemic levels this year. The Mayor has indicated that there will need to be modifications to ticketing and fares, which could include phasing out the 60 plus pass, withdrawing travelcards and increasing Oyster card deposits, as well as service reductions.[1]
In the long term, there could be an option which abolishes ‘all existing road user charges’, such as the Congestion Charge and ULEZ, replacing these with a ‘simple and fair scheme’. This could be a single system where drivers pay per mile, with different rates depending on how polluting vehicles are, the level of congestion in the area and access to public transport.
Tomorrow, the London Assembly Transport Committee will assess:
- The delay to the funding agreement with government and explore its potential impact on passengers, service levels, and TfL’s ability to deliver its capital programme.
- The current state of TfL’s finances and the impact this may be having on passengers and services.
- TfL’s future funding requirements including the TfL budget submission for 2022-23, and how it compares with government funding packages for other transport authorities and the impact this may have on passengers and services.
- The finances that are needed to run London’s transport network and potential sources of revenue.
- International examples of funding major city transport networks.
The guests are:
- Seb Dance, Deputy Mayor for Transport, Greater London Authority
- Andy Byford, Commissioner of Transport for London
- Simon Kilonback, Chief Financial Officer, Transport for London
The meeting will take place on Wednesday, 9 February 2022 from 10.00am, in G02/G03/G04, London Fire Brigade Headquarters (169 Union Street SE1 0LL).
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube
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Notes to editors
- https://www.bbc.co.uk/news/uk-england-london-59674967?at_medium=RSS&at_campaign=KARANGA
- Caroline Pidgeon MBE AM, Chair of the London Assembly Transport Committee is available for interview – see contact details below.
- Agenda papers
- 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 Alison Bell on 07887 832 918. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer.