Transport for London (TfL) has published its Draft Business Plan, which highlights the effect of reduced government funding and the ramifications of further delays on Crossrail.
Following the new financing package for the construction and completion of the Elizabeth line – and delays that promise to stretch further than the nine months already confirmed – TfL has altered its spending intentions, while outlining how vital transport improvements in the capital will be invested in.
This is despite the £700 million annual reduction in government funding which, when placed alongside the financial impact from Crossrail delays, puts significant pressure on TfL.
The updated Draft Business Plan covers the period from 2018/19 to 2023/24.
Because revenues will be more than £2 billion lower than TfL forecast just two years ago, some of the planned projects will be deferred, including the modernisation of Piccadilly line signalling, and the reconstruction of Camden Town station.
However, the Draft Business Plan has committed to investing in significant improvements across the five-year period.
This includes upgrading signalling on the Circle, District, Hammersmith & City and Metropolitan lines, which will increase capacity by a third by the end of 2023.
Major station upgrades will continue across the network, while the Mayor’s quest to improve accessibility across the capital’s Tube stations will see improvements made at Finsbury Park, Hanger Lane and Wimbledon Park.
Said Khan said plans for an ‘ambitious’ transport network will continue, despite the financial challenges.
He said: “We are pushing ahead with our ambitious plans to make London a cleaner, safer, healthier city with more affordable and accessible public transport.
“This is despite an average reduction of £700 million per year in TfL’s funding from government, and the financial challenges of uncertainty in the economy and the delay to the Crossrail project.
“Through our work to make TfL more efficient, including reducing its costs by £500 million per year, we are continuing to transform the Tube network and taking radical action to clean up our toxic air.”