An article in the Financial Times this week (17/9/2021) spelled out how the London Transport Commissioner is looking to solve the financial problems of Transport for London (TfL). Andy Byford who heads TfL called on the Government to provide £17 Billion of funding over the next decade.
TfL has certainly been badly affected by the pandemic with a big reduction in income as people have avoided travelling on the Underground and on buses. They have already had several temporary bail-outs to keep operations running although the Government imposed a number of conditions on their financial support. Usage of buses and the tube is increasing but it may be a long time, if never, before it returns to the same levels as seen before the pandemic as working from home (WFH) or hybrid office use has become adopted.
Mr Byford hopes to achieve financial stability by the financial quarter ending in March 2022. But that is a hope rather than a certainty. That will not include funding for replacing diesel buses by electric ones, the purchase of trains for underground lines nor any major new projects. It is also dependent on Crossrail opening on the long-delayed schedule and providing extra income. Mr Byford suggests that without extra “investment” (i.e. spending money he does not have), London’s transport network could enter a doomsday scenario of managed decline.
In other words, instead of using profits from existing operations to maintain and improve the network, he wants the Government to donate large sums of money out of our taxes to help him implement grandiose plans. This is surely no way to run a business – and make no mistake TfL is a business not just a public service.
Mr Byford seems to want to follow the typical socialist mantra of spend, spend, spend to solve his financial problems. Surely there is a better way.
You can “follow” this blog by clicking on the bottom right in most browsers or by using the Contact page to send us a message requesting. You will then receive an email alerting you to new posts as they are added.