TfL “may file for bankruptcy”

It’s being reported Transport for London may declare itself bankrupt within days if a funding deal can’t be agreed with the Department for Transport.

London’s financial paper City AM quotes a spokesperson for the Mayor of London saying that the Mayor Sadiq Khan was still “locked in negotiations” with the Government about a new funding deal and it was “vital” the government agreed to deliver long-term funding for transport in the capital.

“Some 43,000 jobs outside London depend on TfL’s investment,” the spokesperson said in a statement.

“If the Government refuses to deliver the funding TfL needs, it could impact TfL’s UK-wide supply chain, hitting jobs and growth and holding back the economic recovery in London and across the UK,” 

City AM says TfL is currently unclear on whether it will be able to balance its books and chief financial officer Simon Kilonback is understood to be readying a number of measures in the event that government does not indicate it will provide funding in the coming days.

(Picture – Highways News)

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