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News from Gareth Bacon: TfL fares income down £90M due to fewer passenger journeys

Transport for London has revealed its fares income is down £90million in the year-to-date, raising serious questions about the Mayor’s ability to balance the books. Figures released at the February TfL board meeting show income shortfalls across all forms of transport;

– Overall fares income down £90million due to lower passenger volumes – London Underground down £43million due to 14 million fewer passenger journeys than budgeted – Bus fares income down £51million in the year to date as passenger volumes affected by congestion – London Overground down £7million due to 4 million fewer passenger journeys than budgeted – Congestion Charge income down £6million due to lower volumes of chargeable vehicles (most likely people modernising cars) The Mayor’s election pledges of freezing single fares and the one-hour hopper bus fare mean TfL has to find £670million in savings over the next four years. His current budget has increased borrowing and reduced budget reserves significantly to pay for these policies.

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