Research and Reports

The TfL Independent Review

Commissioned by London Mayor Sadiq Khan and the Transport for London Board in July 2020, this independent review of TfL’s finances suggests that the body was already facing a funding gap before the Coronavirus pandemic of between £500 million-£1 billion from the mid-2020s. This could now be as high as £2bn if a median passenger projection figure is taken of long-term travel demand remaining 20% below previous forecasts. To resolve this gap the review suggests that additional funding should be sought from residents, consumers and drivers, as well as from a direct government grant. TfL has received two six-month financial support agreements from Government since last March. The Government’s own review into TfL’s finance that has been conducted by KMPG is yet to be released.