TfL seeking a £2bn bailout from central government

first_img The state of TfL’s finances may put planned upgrades, such as the long-touted Bakerloo line extension, in doubt. A man wearing a face mask as a precautionary measure against COVID-19, waits for a TfL tube train to arrive, on the platform at Finsbury Park underground station in north London on March 31, 2020, as life in Britain continues during the nationwide lockdown to combat the novel coronavirus pandemic. – The novel coronavirus pandemic has so far claimed nearly 38,000 lives worldwide in a health crisis that is rapidly reorganising political power, hammering the global economy and the daily existence of some 3.6 billion people. (Photo by Isabel INFANTES / AFP) (Photo by ISABEL INFANTES/AFP via Getty Images) Also Read: TfL seeking a £2bn bailout from central government London’s public transport system has been battered by the coronavirus outbreak, with Tube numbers down 95 per cent and bus numbers down 85 per cent. TfL seeking a £2bn bailout from central government Transport for London (TfL) is seeking a £2bn bailout from the government after its finances have been plunged into dire territory by the coronavirus crisis. Writing in City A.M. on Wednesday, Khan said there would not be “a swift return to how [TfL] was before the crisis”. TfL bosses, including London mayor Sadiq Khan, are in talks with Whitehall to secure the emergency funding after the crisis has left the body with just £1bn in the bank, according to the Sunday Times. The transport body is reportedly spends £21m per day, leaving it just two months until its coffers run dry. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likezenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoBleacherBreaker4 Sisters Take The Same Picture For 40 Years. 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(Photo by Isabel INFANTES / AFP) (Photo by ISABEL INFANTES/AFP via Getty Images) Also Read: TfL seeking a £2bn bailout from central government Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic. Sunday 10 May 2020 1:18 pm TfL’s other planned projects – signalling upgrades, Crossrail 2 and DLR extensions – may also be under threat. “A successful conclusion to these discussions is now urgent.” A TfL spokesperson said: “We are working closely with the government and are in constructive discussions over the support that can be made available. A man wearing a face mask as a precautionary measure against COVID-19, waits for a TfL tube train to arrive, on the platform at Finsbury Park underground station in north London on March 31, 2020, as life in Britain continues during the nationwide lockdown to combat the novel coronavirus pandemic. – The novel coronavirus pandemic has so far claimed nearly 38,000 lives worldwide in a health crisis that is rapidly reorganising political power, hammering the global economy and the daily existence of some 3.6 billion people. (Photo by Isabel INFANTES / AFP) (Photo by ISABEL INFANTES/AFP via Getty Images) “Even with Tube ridership standing at just five per cent at the moment, there are times when passengers struggle to keep their distance.  “It’s an inescapable fact that no mass transport system of the scale we have in London can operate at full capacity while maintaining social distancing at all times,” he said.  It comes as TfL were already loaded with an estimated £11bn of debt and a projected 2019-20 deficit of around £220m, which was a vast improvement on initial estimates. TfL’s finances have been affected by the government reducing its annual contribution to the body by £700m, Crossrail’s budget blowouts and Khan’s fares freeze for single journeys implemented in 2016. Share whatsapp “This means that if the social distancing requirements remain in place, the total carrying capacity of the Tube will have to be reduced to between 13 to 20 per cent of pre-crisis levels – even with close to 100 per cent of trains running.” whatsapp Stefan Boscia Show Comments ▼last_img read more