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TfL’s new draft Business Plan to support London’s economic recovery

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Posted: 5 December 2022 | Intelligent Transport | No comments yet

In addition to setting out its path to financial sustainability, TfL’s latest Business Plan will focus on delivering key improvements across London’s road and rail network, while achieving its climate action targets.

Credit: Transport for London

Transport for London (TfL) has announced that it has published its latest Business Plan, setting out how it will support London’s economic recovery and become more sustainable whilst achieving operational financial sustainability by 2023/24. 

Across the plan, £8.1 billion will be invested in London’s road and rail network, as well as funding to boroughs provided for investment in their streets. The total investment in safe and active travel, across both operating and capital expenditure, will average £150 million per year across the Business Plan. This will allow further delivery of the capital’s strategic cycle routes, as well as the delivery of new cycleways and safer junctions to make London’s major roads safer and more attractive for those walking and cycling.

Furthermore, the plan will see the delivery of the London-wide Ultra Low Emission Zone (ULEZ) to further tackle the triple challenges of air pollution, the climate emergency and congestion. This will be supported by a £110 million scrappage scheme, as well as the expansion of outer London’s bus network.

The plan will also see TfL become the ‘green heartbeat’ for London, supporting the Mayor’s ambition for a net zero-carbon city by 2030 . Additional funding has been allocated to embed action on environment in TfL’s work, including to cut and adapt to the impacts of climate change on London’s public transport network. The plan also keeps the pathway open to London’s bus fleet transitioning to zero-emission by 2030. 

In order to encourage customers back, TfL will also be investing in its infrastructure to keep services safe, clean and reliable, as well as delivering a range of improvements to London’s Tube, bus and rail network. This includes investment in the development of new trains to replace the ageing Piccadilly line fleet and a new fleet for the Docklands Light Railway.

As part of this, new signalling on the Circle line has now been delivered, and TfL will complete the remainder of the Four Lines Modernisation programme – delivering more frequent, reliable and faster journeys to the District, Hammersmith & City and Metropolitan lines. The project to modernise and expand Bank station will also be completed, transforming customer journeys at the heart of the city. 

TfL’s new data shows continued rise in walking and cycling across London

The plan prioritises projects that will be financially viable within three to five years, and includes energy efficiency projects, which will further reduce TfL’s operating costs and contribute to meeting London’s environmental goals. TfL will also continue the work of becoming a more diverse and inclusive organisation and one that invests in staff welfare and facilities to ensure that it remains an attractive place to work. 

Investing in new trains and signalling will create jobs and investment across the UK and help to grow the wider UK economy. To do this, long-term certainty on Government funding is needed past the current funding agreement to April 2024. 

“Following tough negotiations and my commitment to prioritise funding for London’s vital public transport, TfL is on track for financial stability, ridership across the network is increasing and there have been major improvements to the capital’s public transport network,” said the Mayor of London, Sadiq Khan. “It is clear there are many challenges ahead, but TfL’s Business Plan sets out how London’s world-class public transport network will continue to contribute to a better, greener and fairer city for all Londoners.”

London’s Transport Commissioner, Andy Lord, said: “This plan shows how we will work to achieve our vision of being the green heartbeat of London, and how we will continue on the path to financial sustainability whilst delivering real and vital improvements for the city. It will deliver new trains for the DLR and the Piccadilly line, new cycleways, the new Thames crossing at Silvertown, safer junctions, an expanded Ultra Low Emission Zone and a new expansion of the bus network in outer London to support growth.”

In this Business Plan , TfL’s savings target is increasing to a total of £1 billion recurring savings, meaning a further £600 million per year needs to be delivered by 2025/26. This will be delivered through a focus on improving efficiencies, driving improvements where possible for TfL colleagues, and an approach to continuous savings, including working together with TfL’s supply chain to make further efficiencies.

The draft TfL Business Plan will be considered by the TfL Board on 7 December 2022. 

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Related topics Air Quality , Alternative Power , Fleet Management & Maintenance , Mobility Services , Passenger Experience , Public Transport , Sustainable Urban Transport , Workforce Inclusivity , Workplace

Related modes Bus & Coach , Rail

Related cities London

Related countries United Kingdom

Related organisations Transport for London (TfL) , UK Government

Related people Andy Lord , Sadiq Khan

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Transport for London Business Plan - 2018/19 to 2022/23

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TfL releases business plan to keep London moving

Transport for London (TfL) has published its five-year Business Plan draft covering 2020/21 to 2024/25 to support sustainable growth in London

TfL’s five-year business plan includes continued investment to encourage greater use of public transport, walking and cycling and significantly improving the environment and air quality in London.

Alongside the Mayor’s Transport Strategy, the draft business plan will be considered by TfL’s Finance Committee on 18 December. It sets out how transport will support sustainable growth, making the city a safer, greener and better place to live, work and visit.

Despite continued uncertainty in the economy , the business plan shows strong progress in reducing the net cost of TfL’s operations. However, it is essential for continued certainty in Government investment in transport assets to ensure that services support the growing city. TfL’s finances continue to be subject to substantial pressures as a result of the average £700m a year reduction in Government funding for its day-to-day operations.

Since last year’s plan, Crossrail has revealed it needs more time to complete software development for signalling and train systems and for overall safety approvals on the line. As a result, the opening of the Elizabeth line will not occur in 2020 but in 2021. This has created significant additional capital investment and revenue pressures.

TfL reduced the net annual cost of operations by more than £1bn since 2015/16, while a range of improvements have continued to be delivered.

Last year, the Ultra-Low Emission Zone (ULEZ) was introduced in central London, peak-hour services were extended on the Victoria line and train frequencies increased on some London Overground lines. These improvements are contributing to operating income being forecast to be almost £6bn in 2019/20.

TfL remains on track to generate an operating surplus by 2022/23, meaning it will cover the cost of financing, maintaining, operating and renewing its transport network. This will help reduce borrowing levels.

Significant investment will in the planned period includes:

• Completing the signalling upgrade and increasing capacity by 33% on the Circle, Hammersmith & City, Metropolitan and District lines, delivering refurbished trains on the Central line and new trains on the Piccadilly line.
• Continuing the electrification of London buses to more than 2,000 by end of 2024/25. TfL will also implement its Bus Safety Standard to include Intelligent Speed Assistance as standard.
• Reducing TfL’s environmental impact through installing solar panels on selected London Underground, DLR and tram depots to deliver more than 1.1 megawatts of power, and the continued retrofitting of lighting to energy-efficient LEDs. TfL will also be increasing the number of renewable energy sources, with an aim for its rail services to be 100% carbon-free by 2030.
• New walk-through trains on the DLR will be delivered, increasing capacity on the lines and providing more frequent, direct services. Renewal of roads and paving will also recommence to improve journeys for those walking, cycling or taking public transport.
• Supporting Crossrail in the work necessary to allow the Elizabeth line to open . Construction continues in stations and tunnels on line, with safety-critical systems now being installed and tested.
• Tightening the Low Emission Zone standards and expanding the successful central London ULEZ to cover the area within the North and South Circular Roads.
• Investing in high-quality cycle routes across London and working with local communities to improve high streets, making them safer and accessible to everyone. Delivering these schemes forms part of TfL’s commitment to Vision Zero, which aims to eliminate death and serious injury from London’s roads by 2041.
• Delivering 10,000 homes and two million sq ft commercial floorspace across London, with 50% of the homes being affordable .
• Introducing new services on the Northern line to Battersea and the Barking Riverside extension on the London Overground.

While London has benefited from third-party funding for public transport projects, such as the government’s Housing Infrastructure Fund, TfL did not see any commitment in the 2019 Government spending round. This is now limiting long-term investment in the transport sector.

Mayor of London, Sadiq Khan, said: “I am hugely proud of what we have achieved improving transport across London – this is despite the ongoing economic uncertainty and the average reduction of £700m per year in TfL’s funding from central Government.

“Alongside our continuing modernisation of the Tube, TfL fares will be frozen again this January, and we continue to take some of the boldest action of any city in the world greening up our transport network and improving air quality across the capital.

“But London also needs a government that recognises the importance of continued investment in new infrastructure for the future of our economy, and it is essential the new government commits to working with us to deliver vital projects such as Crossrail 2 and the Bakerloo Line extension.”

London’s transport commissioner, Mike Brown MVO, added: “In this time of uncertainty, this Business Plan is focused on running safe and reliable services while investing to improve travel.

“But cities can only thrive if they benefit from steady, sustained funding in existing and new infrastructure. We are working urgently to secure this, and I will be writing to the government to seek this investment to keep London and the country moving.”

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Transport for london unveils draft five-year business plan.

Transport for London (TfL) has published its draft five-year business plan covering the period from 2020/21 to 2024/25.

Alongside the Mayor's transport strategy, the draft plan will be considered by TfL’s finance committee this week (18 December). It sets out how transport will support sustainable growth, making the city a safer, greener and better place to live, work and visit, including:

• Five-year plan means continued investment to encourage greater use of public transport, walking and cycling and significantly improving the environment and air quality.
• Firm financial management to keep TfL on track to deliver an operating surplus by 2022/23 with net annual cost of operations reduced by more than £1bn since 2015/16.
• Delay to the opening of the Elizabeth line and a subdued economy means a cautious approach necessary to revenue forecasts.
• Sustained government funding needed to support the safe and reliable operation of the current transport network and to accommodate the city’s growth.

Despite continued uncertainty in the economy, the plan shows very strong progress in reducing the net cost of TfL’s operations. However, Tfl says it is essential for there to be long-term certainty around government investment in existing and new transport assets to ensure that services support the growing city. TfL’s finances continue to be subject to substantial pressures as a result of the average £700m a year reduction in government funding for its day-to-day operations.

Operating income is forecast to be almost £6bn in 2019/20, with passenger numbers expected to reach a record 4.37bn journeys a year by the end of the plan period.

TfL remains on track to generate an operating surplus by 2022/23, meaning that it will cover the cost of financing, maintaining, operating and renewing its transport network. This will help ensure it can manage debt and reduce borrowing levels. Throughout the plan period, significant investment will continue providing better, more frequent and accessible transport options. 

TfL will also continue to make the case for future transport infrastructure to support the growth of London and support the wider South East region and the UK overall, such as Crossrail 2 and the Bakerloo line extension.

Following the general election, the mayor and London’s transport commissioner will be writing to the new government to press the need to confirm the steady and sustained funding London needs to the benefit of the UK as a whole.

Mayor of London, Sadiq Khan, said: “I am hugely proud of what we have achieved improving transport across London – this is despite the ongoing economic uncertainty and the average reduction of £700m per year in TfL's funding from central government. Alongside our continuing modernisation of the Tube, TfL fares will be frozen again this January, and we continue to take some of the boldest action of any city in the world greening up our transport network and improving air quality across the capital.

“But London also needs a government that recognises the importance of continued investment in new infrastructure for the future of our economy, and it is essential the new government commits to working with us to deliver vital projects such as Crossrail 2 and the Bakerloo Line extension.”

Click here to download TfL’s draft five-year business plan .

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