Transport for London was already facing a near £1 billion black hole following a drop in government funding, the freeze of TfL fares and reduced passenger numbers. Then along came the catastrophic Crossrail delay.
There has now been a £2 billion bail-out and TfL will lose out on £600 million in fares it won’t collect any more.
Even though the Mayor is faced with a landscape filled with financial potholes he still insists he will be able to deliver “ambitious plans for affordable and accessible public transport”.
But what is the true impact of the Crossrail chaos on his strategy and does another fares freeze make financial sense in a time of uncertainty?
On Monday, the London Assembly Budget and Performance Committee will examine TfL's five-year business plan as part of its scrutiny of the Mayor's draft budget.
The guests are:
- Mike Brown MVO, Commissioner, TfL
- Heidi Alexander, Deputy Mayor for Transport
- Simon Kilonback, Chief Financial Officer, TfL
- Sarah Bradley, Head of Group Financial Accounting, TfL
- David Gallie, Assistant Director of Finance, GLA
The meeting will take place on Monday, January 7 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 LIVE via webcast or on our YouTube channel.
Follow us on Twitter and take part in the meeting discussion using #AssemblyBudget
Notes to editors
- This meeting was deferred to the new year after TfL delivered its business plan late.
- Gareth Bacon AM, Chairman of the Budget & Performance Committee is available for interview.
- Read the full agenda papers.
- Find out more about the work of the Budget & Performance Committee.
- 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 Giles Broadbent on 020 7983 4067. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.