Sadiq Khan outlines plans to save Transport for London £3bn in four years

TfL might also sell their unique Oyster card technology to other countries to bring in money
Savings: Sadiq Khan will have to make more than £3 billion of savings while keeping fares frozen.
EPA
Francesca Gillett9 December 2016

The Mayor of London has outlined plans to save more than £3 billion in the way Transport for London is run over the next four years – while also keeping fares frozen.

Sadiq Khan has the tough job of cutting £800 million from TfL’s yearly spending, his transport business plan has revealed.

The newly-released document – which sets out a five-year plan on how the city’s transport system will be run until 2020/21 – includes plans to extend the Bakerloo Line, expand the Night Tube and open the Elizabeth Line.

But, after promising to freeze fares, the London mayor must make the mammoth yearly savings through job losses, getting more affordable deals and selling-off land to build new homes.

Expanded: The Bakerloo Line will be extended under the plans. (Shutterstock / littleny)
Shutterstock

TfL are also prepared to sell their state-of-the-art Oyster card technology around the world to bring in cash, as well as boosting the amount of advertising across the transport network.

Detailed plan: Mayor of London Sadiq Khan has set out of the plan for TfL over the next five years.
PA

Savings announced in the plan, which was published on Thursday, also included cutting £2 billion from management roles and £70 million from IT projects.

It also suggested that 49 senior managers would face redundancy, saving the firm £40 million.

Tube maintenance will also be moved in-house, saving £80 million over the next five years.

The annual budget currently stands at £11.5 billion.

Although fares will be frozen, tickets issued on the new Elizabeth Line will also bring in income, helping to fulfil the Mayor’s promise to spend £770 million on cycling over the next five years and £200 million on step-free access.

Improvements to the Tube network will see the Bakerloo line extended to Lewisham by 2029, two years earlier than expected.

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