Motorists “to pay the price” of TfL’s funding hole

Motorists could end up paying to solve Transport for London’s funding crisis, which is expected to reach £1.4bn by 2024-2025.

According to documents seen by London’s financial paper City AM, TfL expects to receive up to £300m per year from a series of policies London mayor Sadiq Khan is deciding upon, including the extension of the ultra low emission zone or the introduction of a Greater London Boundary Charge for drivers that enter the capital.

It says that, as part of a budget update that will be considered by TfL’s board, the figures paint a “bleak picture”, as the funding gap will amount to £1.1bn in 2022/2023 going down to £96m by 2024/2025.

The data comes shortly before TfL’s latest round of government funding – which was agreed upon in December – is expected to expire.

(Picture – Yay Images)

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