On Wednesday 20 March 2019 Transport for London (TfL) released its budget which demonstrated that its operating deficit has almost halved from £968m to £500m in 2018/2019.
In a statement Gareth Bacon AM, Chairman of the Budget & Performance Committee, said:
“It’s welcome news that TfL’s finances are moving in the right direction. Faced with increased risk – from economic uncertainties and from Crossrail – putting money in the bank makes sense.
“However, TfL still has a job to do moving people safely around London. We know, for example, that the budget for non-essential road repairs has been halved, with a possible impact on vulnerable road users.
“TfL should now look again across its operations and seek out opportunities where loosening the purse strings may make a meaningful difference to the travelling public.”
Mayor of London, Sadiq Khan, said: “By making TfL more efficient and almost halving its operating deficit, we are able to continue our vital work to transform the Tube network, take radical action to clean up our toxic air and freeze fares, making transport more affordable for millions of Londoners.
“But there is only so much that TfL can do when its government funding is slashed, it’s locked out of funding for road maintenance and faces no certainty over future Government capital investment.
At the spending review this year, it is vital that the Government listens to its own National Infrastructure Commission and ensures that London gets the funding it needs to continue to operate a world-class, affordable and sustainable transport network that serves Londoners across our city.”
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