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Transport for London: Finance

Question for Department for Transport

UIN 109181, tabled on 30 October 2020

To ask the Secretary of State for Transport, what assessment his Department has made of the effectiveness of the Mayor of London’s management of Transport for London finances since 2016.

Answered on

9 November 2020

My Department works closely with Transport for London to ensure essential services continue to operate in the capital. The Mayor of London’s fares freeze has cost TfL an estimated £640m over the last four years and during this time TfL’s debt has increased by almost 30%.

However, the financial impact of COVID on TfL has been significant. That is why the Government has recently agreed a further funding package for TfL of up to £1.7bn to ensure the continuation of public transport services.