Transport for London relies heavily on ticket fares. Sales generate over 70% of its income compared to under 40% in Paris and New York
says Andy Byford, London’s new Transport Commissioner, who took up his role on June 29th. “I walked into an almost empty office, running almost riderless Tubes with a severe financial challenge.” Transport for London , the capital’s public-transport authority, issued a revised budget for the second half of the current financial year on July 24th. It is asking central government for £4.9bn to cover a revenue shortfall over the next two years.
Mr Byford says that getting the finances on a sounder footing is one of his two priorities—the other one is opening the much-delayed Crossrail line. He argues that “going with the begging bowl out to the Treasury every six months” is not a long-term solution. Instead he wants a “sustainable, affordable and predictable” funding model, ideally one that will last for decades. That will not be easy.
Sadiq Khan, the Labour mayor of London, was due to face the voters in May this year. The pandemic has delayed elections until next spring. That context may explain whyhas been treated more harshly than the railway companies, says Tony Travers, a long-time watcher of the capital’s institutions from the London School of Economics: “The rail industry got a quiet £3.5bn bail-out with little fanfare.
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