The delay is expected to cost TfL up to £600m in lost fares revenue, with millions more lost in commercial income, on top of which TfL and City Hall need to repay a £1.4bn Government loan made to allow construction to be completed.
TfL set to extend Cubic’s contactless fares licensing deal after netting £15m in royalties in just two years
In 2016 the two organisations announced a five-year, non-exclusive deal which entitles Cubic to include software developed in-house by TfL as part of the contactless ticketing systems it provides to other transport operators.
TfL warns budget cuts could force it to close key roads, tunnels and bridges
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.
Transport for London tells board it lacks the cash to deliver Sadiq’s transport vision
TfL bosses have warned that the costs of realising Sadiq Khan’s ambition for 80 percent of all journeys to be taken via sustainable modes of transport by 2041 will outstrip the agency’s spending power.
Met confirms controversial merger of borough commands is to go ahead
Historically the Met has policed along local council boundaries, with each borough having its own allocation of officers, vehicles and dedicated borough commander. However, in response to budget cuts, it’s been trialling a new structure in which borough commands are abolished and resources pooled.
