TfL has seen passenger numbers plummet due to the pandemic, leading to huge shortfalls in funding. Credit: PA Transport for London has outlined its radical plan to become self-sustainable by 2023, which includes introducing a boundary charge to drive into Greater London and a potential redrawing of the Tube map. Though it was on track to operate at a surplus within the next two years, TfL has seen its finances “decimated” by the Covid-19 pandemic due to its over-reliance on fares for income. The TfL Financial Sustainability Plan, released today, also provides more detail about proposed fare increases from March 2021 as well as how sustained Government support is needed to become self-sufficient by the 2023 target.
TfL has seen passenger numbers plummet due to the pandemic, leading to huge shortfalls in funding. Credit: PA Transport for London has outlined its radical plan to become self-sustainable by 2023, which includes introducing a boundary charge to drive into Greater London and a potential redrawing of the Tube map. Though it was on track to operate at a surplus within the next two years, TfL has seen its finances “decimated” by the Covid-19 pandemic due to its over-reliance on fares for income. The TfL Financial Sustainability Plan, released today, also provides more detail about proposed fare increases from March 2021 as well as how sustained Government support is needed to become self-sufficient by the 2023 target.
New £3.50 charge to drive into Greater London considered
Mayor of London Sadiq Khan looks for ways to raise extra £500 million a year amid Transport for London’s financial woes
14 Dec 2020
A new £3.50 daily charge for non-residents driving into Greater London is being considered by the city’s mayor.
Following severe financial difficulties at Transport for London (TfL) - not helped by the loss of tube fares during the Covid-19 pandemic - and an independent financial review, Sadiq Khan has argued that the £500 million annual Vehicle Excise Duty revenue from Londoners’ cars should be paid to TfL rather than the Treasury.