As set out in Transport for London's Quarter 3 (Financial year 2018/19) performance report, available online at https://tfl.gov.uk/corporate/publications-and-reports/quarterly-progress-reports, the current total debt is £11.6 billion, of which £10.3 billion is long term debt.
TfL lost 95% of its fares income when the pandemic hit, and while passenger numbers on the Tube have recovered to roughly 65% of normal use, the transport body continues to struggle because “many commuters have not returned to a five-day week while there are few international tourists”, said the Standard.
Total debt (including leases) decreased in the quarter from some small maturities of existing borrowing, which have been refinanced. Our Budget for 2023/24 is to deliver an operating surplus of £79m, demonstrating our achievement of financial sustainability.
The main sources are: Business Rates Retention - funded from a proportion of local business rates and paid to us from the GLA. This is the largest source of grant income to TfL. GLA precept - funded from Council Tax receipts and set annually by the Mayor.
'Transport for London, which includes London Underground, doesn't make a profit,' he says. 'We reinvest all our income in running and improving transport in London.
As a result, roughly 40 per cent of the nearly £19bn cost has been paid for by London's businesses. This is not money that would have otherwise been spent in other ways, but new money on top of existing tax contributions, with the balance coming from London government, Network Rail and general government funds.
London's buses are no longer accepting cash. Transport for London (TfL) said dwindling numbers of passengers using money to pay for their journeys had prompted the change. Research shows that 99% of customers use Oyster, prepaid tickets, contactless payment cards or concessionary tickets.