Transport for London (TfL) is set to record a record £4bn loss this year, underlining the urgency of the capital’s efforts to access emergency funding from the government in order to keep bus and underground services running post-COVID-19.
TfL projected the annual deficit due to them overspending by more than £600m each month during the international pandemic.
Chaired by the London Mayor, Sadiq Khan, TfL is seeking bailout talks with the government to the value of £1.5bn.
The anticipated £4bn loss was disclosed for the first time in finance committee papers published on TfL’s website.
They believe that an emergency bailout would act ‘as an interim measure until we can propose a revised budget later in the year’.
So far, TfL, has furloughed 7,000 of its staff and halted 300 construction projects across London.
Tfl stated: “These savings cannot, however, cover the loss from the steep decline in revenue, which for the full year is anticipated to be over £4bn.”