TfL

Question 1

Is TfL a service or a business?

Answer 1

Service: there to support the transport needs of the people who live, work and visit London.

However, TfL - as one of London’s largest landowners - are well placed to undertake joint ventures with commercial entities.

Question 2

Should TfL be privatised?

Answer 2

No, because the primary aim of TfL is to provide transport for people who live, work and visit London. If it is privatised the priority switches to making a return on investment and profit for shareholders which will in my opinion inhibit the ability to provide the service.

This is not to say that TfL should not try to “think” like a private company as there are definitely practices that can be used.

Question 3

Where does TfL get their money from? What happens if a project runs out of money?

Answer 3

TfL is funded from 4 main sources:

1. Fares income - this is the largest single source of our income (£4.9billion in 19/20)
2. Other income, including commercial activity and income from the Congestion (£1.2billion in 19/20)
3. Charge Grants (including business rates) (£3.4billion in 19/20 - including Crossrail funding)
4. Borrowing and cash reserves (£0.9billion in 19/20)

For every pound we receive, around 79% is spent on the everyday running costs of the network and around 21% on improving it for the future.

If project runs out of money, where doe the remainder come from?

Question 4

What do you think about London’s recovery from corona? Should TfL put its fares up?

Answer 4

Argument that there will be a lot more working from home. This will harm several industries including civil engineers in terms of investment in transport and building new infrastructure.