Transport for London has sought its second taxpayer bailout this year, warning it would need almost £5bn to get through to 2022. Authorities said it would cut back investment in some planned projects but additional funding from the government would allow services to continue.
TfL will seek £1.9bn to take it from this October to April 2021, on top of a £1.6bn bailout agreed with the government in May, with swingeing conditions attached. It expects to need a further £2.9bn from April 2021 for the following year. Transport Secretary Grant Shapps, and Mayor Sadiq Khan launched separate reviews of TfL funding this week. A
Andy Byford, London’s transport commissioner, said, “The pandemic revealed that the current funding model, with its unusually heavy reliance on fare revenue, simply doesn’t work when faced with such a shock. Our revised budget looks to keep our services running safely, while we do what we can to continue the vital capital investment which will help London recover from the pandemic.”
He said there would be “very difficult choices” about investment and some projects would have to be paused. However, he added, “We have a real chance, through our supply chain, to support jobs across the UK and help the country recover from the pandemic through a wide range of ‘shovel ready’ projects that support economic growth and build the green economy.”
