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Sadiq Khan publishes plan to cut waste at 'flabby' TfL Sadiq Khan publishes plan to cut waste at 'flabby' TfL
(about 2 hours later)
London Mayor Sadiq Khan has set out plans to cut costs from a "flabby" Transport for London while increasing capacity on the Tube network.London Mayor Sadiq Khan has set out plans to cut costs from a "flabby" Transport for London while increasing capacity on the Tube network.
A new five year business plan aims to cut waste at TfL and extend the Bakerloo Line into south London.A new five year business plan aims to cut waste at TfL and extend the Bakerloo Line into south London.
Mr Khan also reiterated his promise to freeze fares until 2020.Mr Khan also reiterated his promise to freeze fares until 2020.
But TfL will have to save more than £3bn through job losses and cheaper ways of working.But TfL will have to save more than £3bn through job losses and cheaper ways of working.
Mr Khan said the new plan would deliver a "modern and affordable transport network".Mr Khan said the new plan would deliver a "modern and affordable transport network".
The draft business plan, which will go before the TfL board next week, envisages savings of £800m a year by 2021 from TfL's current £11.5bn annual budget.The draft business plan, which will go before the TfL board next week, envisages savings of £800m a year by 2021 from TfL's current £11.5bn annual budget.
GLA Conservative transport spokesman Keith Prince told BBC Radio London's Vanessa Feltz show that the draft plan will increase borrowing at TfL by 46% to £12bn and "slash reserves to 35% of their current level".
"[This is] typical Labour, arrive with a full larder and when they leave the cupboard is bare" he added.
TfL is already under pressure to make cuts of at least £591m a year by 2018, when it will lose its government operational grant.TfL is already under pressure to make cuts of at least £591m a year by 2018, when it will lose its government operational grant.
The business plan was described as heralding the "biggest ever overhaul in the history of the organisation".The business plan was described as heralding the "biggest ever overhaul in the history of the organisation".
The plan reveals the mayor's flagship fare freeze will cost an estimated £640m over the next five years.The plan reveals the mayor's flagship fare freeze will cost an estimated £640m over the next five years.
But TfL forecasts this will be offset by a projected 38% increase in revenues from fares rising to £6.3bn by 2021 - driven partly by receipts from the new Elizabeth Line.But TfL forecasts this will be offset by a projected 38% increase in revenues from fares rising to £6.3bn by 2021 - driven partly by receipts from the new Elizabeth Line.
TfL signalled it would make use of its vast property portfolio in an effort to raise £3.4bn by 2023, including building 10,000 homes on spare land.TfL signalled it would make use of its vast property portfolio in an effort to raise £3.4bn by 2023, including building 10,000 homes on spare land.
Nearly 50 senior management posts have been earmarked for closure saving £40m over five years, and TfL plan to spend £50m a year less on consultants.Nearly 50 senior management posts have been earmarked for closure saving £40m over five years, and TfL plan to spend £50m a year less on consultants.
TfL also believes it can save up to £2bn by 2021 through renegotiating contracts and striking better deals with suppliers.TfL also believes it can save up to £2bn by 2021 through renegotiating contracts and striking better deals with suppliers.
'Greatest city in the world''Greatest city in the world'
Improvements to the Tube network will see the Bakerloo line extended to Lewisham by 2029, two years earlier than expected.Improvements to the Tube network will see the Bakerloo line extended to Lewisham by 2029, two years earlier than expected.
The beleaguered Piccadilly Line will get new trains and signalling to boost capacity by nearly two thirds.The beleaguered Piccadilly Line will get new trains and signalling to boost capacity by nearly two thirds.
The business plan includes moves already announced to spend £770m on cycling schemes over the next five years and several new east London river crossings including the Silvertown Tunnel.The business plan includes moves already announced to spend £770m on cycling schemes over the next five years and several new east London river crossings including the Silvertown Tunnel.
TfL are to investigate whether to extend the Night Tube scheme on to more underground lines.TfL are to investigate whether to extend the Night Tube scheme on to more underground lines.
Mr Khan said by "reorganising a flabby TfL and finding major efficiency savings within the organisation, we're securing this record investment without burdening Londoners with further hikes in TfL fares".Mr Khan said by "reorganising a flabby TfL and finding major efficiency savings within the organisation, we're securing this record investment without burdening Londoners with further hikes in TfL fares".
"The greatest city in the world must also have a genuinely world-class transport system, and this is vital for the future success of London's economy. Today sets out the scale of our ambition," he added."The greatest city in the world must also have a genuinely world-class transport system, and this is vital for the future success of London's economy. Today sets out the scale of our ambition," he added.