Experts review options to fill TfL’s gaping financial hole

Transport for London is predicting a funding gap of £3.1bn in 2021/22 and £1.8bn in 2022/23. Beyond that, it sees a need to find an extra £1.5bn-£2bn a year. An independent panel has explored how this latter gap can be bridged

11 January 2021

TfL has used five scenarios for revenue modelling in 2021/22. The yellow line is the core scenario, which asssumes a winter 2020 lockdown and then a cautious reopening in line with the recovery seen through summer 2020 and no further lockdowns. The grey shaded area is TfL’s revised budget projection of last summer.

Transport for London has set out the scale of its financial challenges as it prepares to enter negotiations with the Government over more emergency financial support beyond the end of March. TfL is forecasting a funding gap of £3.1bn in 2021/22 and £1.8bn in 2022/23 to achieve its objectives of a balanced budget and assets maintained in a good state of repair. Thereafter, it envisages that £1.5bn-£2bn a year will have to be found through a combination of grant, new...