An extra £4bn in TfL borrowing risks the future of London's transport, say Conservatives

Conservatives at City Hall in London have slammed the Mayor for backing a £4bn increase in long-term borrowing by TfL as "reckless" consequence of the "foolish promise" to freeze fares.

Conservative London Assembly members said it was alarming that useable reserves would be reduced by £1.7bn under the new TfL business plan after the London Mayor had made a series of "wild spending promises with little hint of how he's going to balance the books". Keith Prince, Conservative London Assembly member, said: "Now we know why - he's going to leave the books resolutely unbalanced. This is the business plan of a one-term mayor." They also cast doubt on "optimistic" plans for efficiency savings and raising funds from housing receipts.

A spokesman for the Mayor responded: “Our recently published and fully-funded business plan clearly sets out how the Mayor is driving over £4bn in savings at TfL.”