TfL Debt

Questions to the Mayor of London – answered on 26th February 2021.

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Photo of Shaun Bailey Shaun Bailey Conservative

What does TfL debt currently stand at?

Photo of Sadiq Khan Sadiq Khan Mayor of London

Total nominal borrowing is reported on a quarterly basis in Transport for London’s (TfL) quarterly performance reports, published on TfL’s website and considered by the Assembly’s Budget and Performance Committee as monitoring reports. This can be found at At the end of quarter 3, 2020-21, the total nominal value of borrowing outstanding was £12,697m.

Prudent borrowing is an important source of financing and supports our capital investment programme. Borrowing allows TfL to spread the upfront cost over several years, tailor the repayment to the economic life of the asset and, in some circumstances, tailor the repayment to TfL’s operating income and future revenues generated by the investment. TfL regularly reviews the amounts it can borrow to support capital investment, ensuring that it is prudent, affordable and sustainable.

Borrowing has been increasing gradually over the last decade and allowed TfL to progress a significant number of vital infrastructure projects, including DLR extensions, development of the London Overground network, Crossrail and station and signalling upgrades on London Underground.

TfL’s Financial Sustainability Plan outlines that TfL has now reached its borrowing cap and there will be no further borrowing beyond 2020/21. TfL proposes to begin to re-build essential cash reserves to near pre-pandemic levels and pay down debt in order to ensure it has the financial resilience that corresponds to its size and risk profile.