Efficiency Savings (1)

Meeting: 
MQT on 2017-01-18
Session date: 
January 18, 2017
Reference: 
2017/0115
Question By: 
Keith Prince
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor
Category: 

Question

What is the highest amount, both in real terms and percentage terms, that TfL has saved in terms of efficiency savings in any given year since TfL came into being?

Answer

Answer for Efficiency Savings (1)

Answer for Efficiency Savings (1)

Answered By: 
The Mayor

Transport for London's (TfL's) previous savings and efficiencies programme started in 2009/10 and was brought to a close in 2015/16, following a recommendation from the Budget and Performance Committee to re-baseline its savings and efficiencies programme. The single largest amount of savings secured and realised by TfL in a single financial year was some £400m in 2011/12, when 'Project Horizon' was introduced. This represented five per cent of TfL's total expenditure at the time.

TfL is now implementing a comprehensive cost reduction programme which will transform the organisation and has identified £4bn of savings over its five-year Business Plan. This is comprised of more than 400 individual initiatives to deliver a final run rate of £800m of operating expenditure savings a year by 2021/22.