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Despite progress, TfL faces a £ 500m annual funding gap.

NS

fL Despite showing “progress” towards finance, it still faces a £ 500m funding gap this year. sustainability, According to the revised edition budget..

TfL has turned this into operational savings, deferred spending, and the use of its own cash.

However, with £ 1.4 billion already secured through the government’s emergency financing package, TfL needs to find another £ 500m to meet its funding requirements.

Following the announcement of the revised budget, London Mayor Sadiq Khan renewed TfL’s long-term settlement call and urged the government to “treat TfL like private rail operators.”

Khan said it was “extremely important” to achieve a long-term settlement “not just for London, but for the whole country.”

According to TfL, current short-term funding transactions “limit” the ability to offer active travel schemes.

A more sustainable agreement will enable us to provide “major improvements” and “excavator response projects” that may accelerate decarbonization goals.

This week, TfL Commissioner Andy Byford reiterated TfL’s “disproportionate dependence” on fare revenue as “unsuitable” and called on the mayor for long-term support.

Byford said: This budget protects service levels, supports economic recovery and helps build a green economy.

“TfL meets some of the agreements with the government to return to financial self-sufficiency. I am now to secure the government a long-term financial agreement to drive the recovery of London and the wider UK. , Calling for true involvement with TfL. “

Despite progress, TfL faces a £ 500m annual funding gap.

Source link Despite progress, TfL faces a £ 500m annual funding gap.

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