Lord emphasized the importance of securing long-term funding for TfL to ensure the continued reliability and efficiency of London’s transport network. Without adequate funding, essential projects such as replacing outdated tube trains and maintaining critical infrastructure could be at risk.
He highlighted the urgent need to replace the ageing trains on the Bakerloo line, which are causing increasing reliability issues. Lord stressed that without proper funding, the consequences could be costly and detrimental to the overall operation of the Underground.
While TfL has been able to achieve an operating surplus for the past two financial years, capital spending for essential projects requires government support. Lord called for a financial settlement of up to five years to address these funding gaps and ensure the long-term sustainability of TfL.
Lord also discussed the potential funding needed for future projects, such as extending the Bakerloo line and improving transport infrastructure for Heathrow expansion. He emphasized the importance of securing funding from either the government or the airport to support these large-scale initiatives.
In light of lower-than-expected passenger revenue and changing trends in commuting habits, Lord emphasized the need for collaboration with employers to encourage more people to travel into the city. He acknowledged the challenges posed by flexible working arrangements and the impact they have on TfL’s revenue.
Overall, Lord’s comments underscore the critical need for sustained funding and investment in London’s transport infrastructure to ensure the continued success and efficiency of the city’s public transport network.
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