Falling passenger numbers, increased costs and the effects of Mayor Sadiq Khan’s fares freeze means that London’s bus operating deficit is set to rise from £599m in 2016/17 to £647m – £1.8m a day – by 2022/23, admits Transport for London (TfL).
Over the same period bus passenger numbers are expected to fall from 2.262bn to 2.23bn this year. It is then expected to rise to 2.299bn by 2022/23.
Similar passenger forecasts have been projected for London Underground.
As a result TfL has cut its expectations of fare revenues over the next five years by £1.6bn.
The news comes in TfL’s new business plan, which shows markedly lower fare revenue projections, than those a year ago.
Already TfL has axed its graduate trainee programme, halted the purchase of new trains and is lowering the frequency of some bus routes.
The TfL Business Plan is here
