Transport for London expects to lose more than £4bn due to pandemic
Transport for London (TfL) expects it will lose more than £4 billion in revenue this year due to the coronavirus pandemic.
The transport body said it needs around £3.2 billion to balance its proposed emergency budget for 2020/21 and is in “ongoing discussions” with the Government about how this should be funded.
It is costing TfL around £600 million per month to run its network.
A decline in passenger numbers of 95% on the London Underground and 85% on buses due to the coronavirus lockdown has caused a 90% fall in income.
A TfL spokesman said: “We have done everything possible to help reduce the spread of coronavirus by working with the Government to rapidly reduce ridership to low levels not seen for 100 years while keeping transport available for essential journeys, such as NHS or supermarket staff heading to work.
“This was the right thing to do and has saved lives.
“But given that 80% of our income is from fares, it has had a highly significant impact on our finances and will do for the coming months.”
He went on: “We need financial support now and into the future so that we can support the recovery of London and the UK.
“We are in constructive discussions with the Government over the necessary financial support, and a successful conclusion to these is now extremely urgent.”