The agency is currently running a £1 billion deficit and is likely to face even greater financial pressures following the decision to delay Crossrail’s opening until next Autumn as fares and commercial revenue from the new rail link had been factored into TfL’s business plan.
A new range of Metropolitan Police branded merchandise is set to hit stores after the force hired brand extension specialists Point.1888 to identify commercial opportunities which, it’s hoped, will raise funds to help offset recent budget cuts.
Transport for London bosses have warned that they could be forced to introduce “major” traffic restrictions on some key routes, including the Rotherhithe Tunnel and Vauxhall Bridge, as a result of cuts to their road maintenance budgets.
TravelWatch Chair Arthur Leathley said the body was “concerned” at the scope of the changes which would increase journey times and make the bus less convenient for those passengers who rely on a local and accessible public transport mode being available to them.
The capital’s transport agency is facing significant funding pressures as a result of Mayor Sadiq Khan’s pledge to freeze fares for his entire first term and the withdrawal of central government grants.