TfL will seek £ 1.9bn to transport it from October to April 2021, on top of a £ 1.6bn bailout agreed with the government in May with huge conditions. He expects to need an additional £ 2.9 billion from April 2021 for the following year.
Transport Secretary Grant Shapps and Mayor Sadiq Khan this week launched separate reviews of funding for TfL, Downing Street and City Hall in disagreement over how it should be run.
According to TfL figures, the high proportion of its budget that depends on passenger fares – typically 72%, far more than in similar capitals around the world – made it particularly vulnerable to financial collapse when the coronavirus struck.
Andy Byford, London Transport Commissioner, said: “The pandemic has revealed that the current funding model, with its unusually high reliance on fare revenue, simply does not work in the face of such a shock.
“Our revised budget is aimed at keeping our services secure, while doing what we can to continue the vital capital investment that will help London recover from the pandemic.”
He said there would be “very difficult choices” regarding the investment and that some projects would have to be put on hold. But, he added: ‘We have a real chance, through our supply chain, of supporting jobs across the UK and helping the country recover from the pandemic with a broad range of ready-made projects that support economic growth and strengthen the green economy. . ”
The nearly £ 5bn additional funds do not include the budget for the latest Crossrail overrun. The joint government-TfL program has stalled again, due to the coronavirus, and has said that opening the central section of the Elizabeth Line will no longer be possible in the summer of 2021.