Transport for London (TfL) have published their quarterly performance report. It covers the quarter to 11 December 2021 and gives some useful information on the slow recovery in passenger numbers from the pandemic lows.
In Q3 demand plateaued however and is still only 68% of pre-pandemic levels. But to really get a good picture of how TfL is a total financial basket case you only have to jump to the Appendix. That shows that the “Net Cost of Services” is £2,267 million (i.e. £2.3 billion of costs more than income) for the quarter. This deficit is only made up by £3.4 billion of “Grant income” no doubt mainly from central Government.
Indeed the Chief Financial Officer clearly thinks that he is doing a great job because he says “we are performing better than budget” while staff numbers have actually increased despite passenger numbers falling.
Somebody asked me recently how much London buses were subsidised. I did not know the immediate answer although the last time I looked at this it was an enormous figure. But this report gives you guidance on it. The Appendix reports that for the Operating Segment of “Buses, streets and other operations” there is a deficit of £754 million for the quarter and that probably includes the income from the Congestion and ULEZ charges.
It is clear that TfL are still relying on enormous Government bail-outs to stay afloat and that shows no signs of changing.
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