‘TfL facing an imminent financial cliff edge’

• LATER this month, Transport for London are facing the prospect of running out of money yet again. Let’s be clear that this is down to two reasons.

The first is that last spring, the Covid-19 pandemic caused fares revenues across the TfL’s network to plummet by 90 per cent.

Consecutive lockdowns have meant that passenger numbers have failed properly to recover ever since.

After the government took the irresponsible decision to stop providing TfL with a £700million-a-year operating grant in 2018, it was left to rely on fares as its main source of income.

This is why, alongside TfL and the mayor, I have been calling for a long-term sustainable funding package from the government.

This brings us to the second reason that TfL are facing an imminent financial cliff edge.

While ministers immediately gave the private rail companies a comprehensive bailout back in March 2020, they have only given TfL two short-term, sticking-plaster deals with a number of strings attached.

Both of these deals went dangerously close to the wire. This can’t be allowed to happen again later this month and the government must provide TfL with the sustainable package it urgently needs.

The alternative is cuts to local transport services and key infrastructure projects, which are vital for creating job opportunities for our community.

MURAD QURESHI AM
Labour Londonwide
Assembly Member