Following the release of TfL’s revised draft budget guidance, Dr Alison Moore AM, Chair of the London Assembly Transport Committee said:
“To stop TfL running out of cash and Tubes and buses being brought to a standstill, the London Assembly Transport Committee recognises that further financial support from Government to TfL is needed.
“London’s transport system is the lifeblood of the city and it’s vital to London’s economic, cultural and social success. It’s essential that transport remains a first-class system for Londoners and visitors alike. That means regular frequency, affordable fares, line upgrades, new trains, big infrastructure projects, like Crossrail, and investment in walking and cycling.
“But TfL relies on fares for 72 per cent of its income, compared to 38 per cent in comparable cities like New York and Paris. During this crisis, we know fares income has fallen by as much as 90 per cent. London drastically needs a new funding model given the ongoing impact on passenger numbers in the wake of COVID-19.
“Further discussions between TfL and the Government will be needed before any agreement can be made. Fresh thinking is fundamentally needed and options like retaining Vehicle Excise Duty paid by Londoners to maintain the capital’s roads should be on the table.
“The Committee will look closely at the details and implications of a future financial deal, along with any caveats, in upcoming meetings, to ensure TfL continues to deliver for all Londoners. This city cannot be brought to its knees time and time again.”
Notes to editors
- London Assembly Transport Committee
- Dr Alison Moore AM is Chair of the Transport Committee and is available for interview – see contact details below.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
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