TfL minds the funds gap

TRANSPORT for London has narrowed the tube funding gap by &pound;2.5bn with a massive cost cutting drive.<br /><br />The new budget plan for three quarters of the tube network includes deferring upgrades, axing 1,000 jobs and rewriting engineering contracts.<br /><br />Under the plan, set to be announced on Wednesday, &pound;800m will be saved by postponing work on 50 stations and deferring more frequent services on the Bakerloo Line to 2020. A further &pound;1bn of cuts will come from redundancies, which have already been announced, &pound;500m will be saved with new supply terms and a further &pound;200m is expected to come from carrying out jobs more efficiently.<br /><br />Savings were needed after the failure of Metronet, the former London Underground contractor that collapsed two years ago, leaving a potential &pound;2bn funding gap.