The TFL Black Hole Soars to £1,500,000,000

Cycling and walking schemes could be removed to save Transport for London's (TfL) funding crisis.

Plans to introduce a road user charge, hike up council tax and extend a congestion charging zone will not be enough to balance the books.

The Tube is at risk of “multi-day closures” because of a lack of cash for repairs, and new signalling for the Piccadilly line has been axed.

London mayor Sadiq Khan could shut the Tube for days on end and close bridges and tunnels as a black hole in the city's transport budget soars to £1.5bn.

A total of 45 road structures were revealed to have interim safety measures in place due to their poor condition, including the A40 Westway, Vauxhall bridge and North Circular intersection at Brent Cross.

Lockdown left London’s transport system deserted for months, decimating income and sparking a row between Khan and central government over funding shortfalls.

Critics of the mayor claim his pledge to freeze fares contributed to TfL’s plight – but Sadiq Khan has accused the government of 'starving' the network of cash.

The mayor has been dependent on a series of bailouts from Westminster to avoid the London Underground and buses grinding to a halt. But the government has not committed any extra funding past this Friday, leaving a £1.5bn gap in the TfL budget by 2024-25.

Without a new, sustainable long-term funding deal there is a real risk of major projects being paused, cuts to services, trains falling into disrepair and closures on major road networks.

Sadiq Khan, Mayor of London

This is in addition to a fares hike of about five per cent due to be added to Tube and bus fares from next month, and a £20 levy on average council tax bills to help TfL recover from a catastrophic drop in fares income as a result of the pandemic.

Several schemes could be impacted if TfL is not given extra funding:

• A programme to avoid road deaths will be put on hold. 

• Walking and cycling schemes under the half a million pound ‘Healthy Street Budget’ are axed.

• A signaling upgrade for the Piccadilly Line and improvements to the Jubilee Line are shelved.

• Major roads and tunnels are closing, with six facing 'imminent closure', including Vauxhall Bridge, Rotherhithe Tunnel and Brent Cross flyover.

Sadiq Khan has previously warned the entire Bakerloo line and 100 bus services may have to be cut if long-term funding is not provided. The line is thought to be a prime target because of its aging trains and much of its route is covered by other lines.

The UK Government has affirmed its commitment to mitigate TfL’s fares loss resulting from the pandemic and is “ready to work with TfL to consider a longer-term capital settlement to support TfL to achieve, and subsequently maintain, financial sustainability by April 2023.