Making TfL More Efficient and Profitable

Questions to the Mayor of London – answered on 8th January 2021.

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Photo of Keith Prince Keith Prince Conservative

Since May 2016 have all your spending reductions at TfL had the impact of making TfL a more efficient and profitable organisation?

Photo of Sadiq Khan Sadiq Khan Mayor of London

Prior to Coronavirus pandemic, Transport for London (TfL) had made huge strides to reduce its operating deficit and work towards a surplus, with a trajectory to financial sustainability by 2022/23, through a continued programme of organisational change to drive through efficiency and savings, as set out in last year’s Business Plan.

TfL reduced its cost base and started generating new sources of commercial income – this reduced the deficit on our day-to-day operations by £1bn on a like-for-like basis, from 2015/16 to 2019/20.

Last year’s Business Plan sets out the improvements in efficiency and TfL was on track to achieve by 2024/25 on the Tube and Bus network. (Follow link below, refer to pages 20 to 23) http://content.tfl.gov.uk/tfl-business-plan-2019.pdf