TfL plans for £4.2bn more cuts

Transport for London has pledged to save a further £4.2bn over the next seven years – though its plans assume that fares will rise by more than inflation after 2014’s price hikes. TfL has already planned £12bn-worth of savings up to 2021. The extra reductions, sketched out in yesterday’s business plan, will come from closing ticket offices, getting a better deal on contracts, and stopping cash payments on bus journeys. TfL also plans to double income from commercial projects like sponsorship.