Thursday 27 May 2021

London Chamber of Commerce and Industry urge the government to agree a longer-term financial settlement with Transport for London that recognises the importance of the network to the UK economy, and the likely ongoing revenue impact of hybrid working and lower tourism levels.

Richard Burge, Chief Executive of London Chamber of Commerce and Industry, said: “These short-term funding deals bring us back to the same point of an imminent deadline and more uncertainty.

“I’ve no doubt that there is careful monitoring of passenger numbers and revenue going on during each of these agreements, but the reality is that lower commuter and tourist footfall into central London means that the financial model for TfL is going to have to change in order for it to adapt to the coming years.

"As passenger journeys, including those into Whitehall, increase with the eventual removal of the work from home guidance, the government and TfL must move beyond these emergency deals and look at the medium to longer-term model.

“As London emerges from the pandemic its public transport network and supply chain is absolutely vital to supporting the economic recovery of the capital and country, fuelling confidence and investment and new jobs growth, supporting a workforce with mixed commuting and working patterns, and for ensuring carbon reduction by keeping cars off the roads.

“False economy service cuts, politics, including the ‘levelling-up’ narrative, cannot get in the way of striking the right deal for London and the UK.”