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.
Source: London Assembly