Responding to the statement made by the Mayor of London on Wednesday evening about Transport for London’s financial crisis, Nick Bowes, Chief Executive at Centre for London said:
“Council tax hikes. Fare rises. Restricting free travel for the over 60s. These are politically tough decisions being swallowed by the Mayor to help keep Transport for London afloat.
“It’s critical that the government meets the Mayor half way with the emergency funding needed to keep the buses and tubes running. Slashing investment in London’s transport network system may look like an attractive way to save money in the short term, but all it does is store up problems down the line and would have dire social and economic consequences for the capital and the country.
“Based on the Mayor’s statement this evening, it seems the really big fundamental questions about the long-term funding of TfL remain unanswered as the negotiations between City Hall and the Government come down to the wire.”