TfL

2022 - 2 - 18

Post cover — Image courtesy of "The Guardian"

Transport for London may go bankrupt without extra funds, claims ... (The Guardian)

Latest funding deal has ended and Sadiq Khan is seeking long-term package from Whitehall after fall in passengers due to Covid. people on a tube train.

“Some 43,000 jobs outside London depend on TfL’s investment. “It’s vital that the government provides TfL with the long-term funding deal it needs to properly maintain vital transport services in the capital,” a spokesperson for the mayor said. However, the latest ran out at midnight on Friday, and an extension is yet to be agreed.

Transport for London considering 'going bankrupt' if government ... (iNews)

The mayor of London Sadiq Khan, who controls the transport authority, is locked in ongoing talks with the government over a new funding deal.

There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital. “Some 43,000 jobs outside London depend on TfL’s investment. “It’s vital that the Government provides TfL with the long-term funding deal it needs to properly maintain vital transport services in the capital.

Transport for London warns of bankruptcy during government ... (IanVisits)

TfL's talks with the government to secure a long term funding deal have been extended yet again after a deal was not agreed by the Friday midnight deadline.

If TfL is forced to run without a loss, then it’s likely that the hammer would fall heaviest on the commuter bus network to try and balance the books. There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital. Since the pandemic caused a collapse in fares income, TfL, as with all public transport operators has been supported by the government to keep services running while the economy recovers from the lockdown.

London Underground: Live travel updates as capital reels from Storm Eunice (MyLondon)

As well as TfL a number of other regional rail companies serving routes into and out of London are also still experiencing major disruption with debris scattered across train lines all over the country by the storm.

- Services from Watford Junction: No service between Watford Junction and Euston today or tomorrow. Some train operators remain suspended as a result. You'll be on you way as soon as possible. As a result rail and bus services saw disruption and cancellations across the board, something they are still recovering from today National Rail is keeping in place its warning for major disruption after Storm Eunice too, noting London Underground as one of the worst affected services. A day on from the chaos of Storm Eunice hitting London the city's transport network is still facing major disruption.

Transport for London could declare bankruptcy if government ... (The Independent)

Passenger footfall has still not recovered, with Tube ridership just 59 per cent of pre-pandemic levels according to new figures. Meanwhile, TfL bus ridership ...

There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital. But the government said the Mayor of London must find more money or somehow reduce costs. Mr Khan’s office said one option being considered if the government refused support was issuing a report under section 114 of the Local Government Finance Act 1988 – effectively declaring TfL bankrupt.

Transport for London warns of potential bankruptcy as funding crisis ... (City A.M.)

Transport for London (TfL) may have to declare itself bankrupt if the government does not say whether it will cough up fresh funding in the coming days, ...

“We’re aware that TfL are still feeling the aftereffects of the pandemic, but it is the Mayor’s responsibility to accelerate overdue reforms that will ensure TfL becomes financially sustainable in a way that is fair to taxpayers. One of the measures under consideration is issuing a report under section 114 of the Local Government Finance Act 1988, which would effectively declare TfL bankrupt. TfL is currently unclear on whether it will be able to balance its books and chief financial officer Simon Kilonback is understood to be readying a number of measures in the event that government does not indicate it will provide funding in the coming days.

TfL could go bankrupt unless 'vital' new funding deal can be agreed (Metro)

A spokesperson for the Mayor of London warned it is 'vital' that a 'long-term funding deal' is agreed.

‘There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital. In a letter to Transport Secretary Grant Shapps last week, the London Assembly Transport Committee said TfL is being ‘paralysed’, with the lack of a long-term funding deal leaving it unable to start new projects since last summer. Transport for London (TfL) may have to declare itself bankrupt if it is unable to secure ‘vital’ long-term funding from the Government within a matter of days, the Mayor’s office has warned.

TfL