Efficiency Savings (2)

Meeting: 
MQT on 2017-01-18
Session date: 
January 18, 2017
Reference: 
2017/0116
Question By: 
Keith Prince
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor
Category: 

Question

In real terms and in percentage terms, what level of efficiency savings is TfL expecting to make this year and every year for the rest of the Mayor's term?

Answer

Answer for Efficiency Savings (2)

Answer for Efficiency Savings (2)

Answered By: 
The Mayor

TfL's December 2016 Business Plan outlines total cost reductions of £4bn over the next five years. Operating cost reductions, or 'efficiency savings', were submitted as part of TfL's GLA budget submission and, for the financial years relevant to the Mayoral term, amount to a cumulative total of £2.8bn.

The below table outlines the operating cost reductions that TfL has included in its Business Plan to be delivered through the transformation programme for the financial years covered by the Mayoral term. These savings are also represented as a percentage of the 2015/16 outturn and the operating cost for the Business Plan.

2015/16 Outturn For Operating Costs

2016/17

2017/18

2018/19

2019/20

2020/21

In Year Operating cost reductions (£m)

                                                        6,299

           115

           228

           328

           135

             64

In Year Cumulative Operating Cost reduction (£m)

                                                        6,299

           115

           343

           670

           805

           869

Savings as a % of 2015/16 Outturn (£m)

2%

5%

11%

13%

14%

Savings as a % of December 2016 Business plan total operating cost (£m)

2%

5%

10%

12%

13%