Tfl Business Plan

Tfl Business Plan-6
Commenting, Manuel Cortes said: “This is extremely concerning for our union.The effects of the proposed 30 per cent cut in back office costs is likely to lead to significant job losses for our members.

Commenting, Manuel Cortes said: “This is extremely concerning for our union.The effects of the proposed 30 per cent cut in back office costs is likely to lead to significant job losses for our members.

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The recent announcement by Crossrail Ltd, stating that there will be a delay to the opening of the Elizabeth line, has also meant that Tf L needs to pay for the additional capital investment to fund the completion of the line and absorb the impact of lost fare revenue.

The Mayor of London and government have agreed on a financial package to cover the additional capital investment required to complete the Crossrail project, which will be repaid via London’s Business Rate Supplement (BRS) and from the Mayoral Community Infrastructure Levy (MCIL).

There are also 30% cuts planned for back office costs.

The situation with Tf L's roads is also worrying, with the transport authority recording that in 2018/19 cost will be around twice that of income at £600m compared to £317m.

Tf L continues to reduce operating costs across the organisation and will continue to forge ahead with its work to make the organisation more efficient over the coming five years.

Tf L has a proven track record of delivering against its savings targets – its over-delivery of savings in 2016/17 meant it reduced year-on-year operating costs by more than £150 million further reduced like-for-like costs in 2017/18 and is on track to over-deliver in terms of savings again in 2018/19.

Despite a recent upturn in Tube ridership, passenger numbers have been down, particularly on buses.

Since Tf L’s Business Plan in December 2016, its predicted fares income for the next five years has been re-forecast to be around £2.1 billion lower than originally expected, due to the state of the wider economy. Since March 2018, Tf L has become one of the only transport authorities in the world not to receive a direct government operational grant for day-to-day running costs.

Ahead of 2019’s Comprehensive Spending Review, Tf L will be making the case for long-term steady and sustained investment to ensure critical infrastructure projects can continue and London’s transport network can support the demands of all those who live and work in, or visit, the city.

The Mayor has also renewed his call on the government to quickly accept that London gets its fair share of the National Infrastructure Commission’s recommended spend on infrastructure of 1.2 per cent of total gross domestic product, which would provide long-term funding to step-up the modernisation of its public transport network.

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