News Front
Bakerloo fleet could soldier on until 2040
OFF-PEAK SERVICE reductions on tube lines and charges for motorists living outside London to drive into the capital are among proposals in Transport for London’s Financial Sustainability Plan.
The plan was submitted to Government on 11 January and published four days later. Developed at the request of Government ministers, it sets out a strategy which would allow TfL to cover the costs of its day-to-day operations, maintenance and financing by 2023-24, although major capital investment would still require Government support, a factor highlighted in the letter from Transport Secretary Grant Shapps when TfL’s most recent financing package from Government was confirmed in the autumn. TfL is seeking capital funding of £1.6 billion per year between 2023 and 2030 as part of a new funding model which is less reliant on fares income.
TfL proposes that the funding arrangements in place for the second half of 2020-21 should continue through 2021-22, amounting to a requirement of £3.1 billion. It then calls for a long-term solution to be agreed starting from 2022-23. TfL’s report includes demand projections for public transport in the mediumand long-term, and …
