Loan taken out by GLA to save Crossrail would have put pressure on TfL’s credit rating, finance boss admits January 7, 2019 The Greater London Authority (GLA) agreed to take on a £1.4bn loan to save Crossrail to protect Transport for London's (TfL) less robust credit rating, it has been admitted. At a meeting of the London Assembly's budget and performance committee, chair of the transport committee Caroline Pidgeon asked why it was the GLA that was taking [...]
Sir Terry Morgan to appear at London Assembly grilling over lead-up to Crossrail delay January 3, 2019 Former Crossrail chairman Sir Terry Morgan will give his account of the events leading up to the announcement of project's delay after Sadiq Khan accused him of "misremembering events". Morgan, who was ousted from his role in December, will appear before the London Assembly's transport committee next Wednesday as it probes his account of events leading [...]
TfL has the worst gender pay gap of all of City Hall’s agencies, new data reveals January 3, 2019 The gender pay gap at Transport for London (TfL) grew to 21.5 per cent last year – the only City Hall body to have seen an increase in the difference between men and women’s average hourly earnings. Last year the gender pay gap at TfL, which is chaired by London mayor Sadiq Khan, increased by 1.8 [...]
Northern Line extension to Battersea Power Station faces 12 month delay in latest TfL setback December 22, 2018 The £1.1bn Northern Line extension to Battersea Power Station has been delayed by at least 12 months in the latest setback for cash-strapped Transport for London. The two mile spur from Kennington was forecast to open in 2020 but will now not be ready until September 2021 at the earliest, pushing up the project's cost. London mayor Sadiq Khan [...]
Exclusive: Aberdeen Standard backs controversial £1bn bid for Crossrail fleet December 17, 2018 Aberdeen Standard Investments (ASI) is backing a controversial £971m bid to acquire a fleet of 70 Elizabeth Line trains from Transport for London (TfL), City A.M. can reveal. The asset management giant is stumping up £147m in equity investment to Rock Rail, a rolling stock infrastructure company that finances new trains, with funding proposed from [...]
Tube driver salaries break £100,000 barrier despite train automation December 16, 2018 Some London Tube drivers are now earning more than £100,000 a year, despite new technology that makes their jobs easier. Figures obtained by the Sunday Times reveal the highest-paid driver earned £103,374 in the year to November, a 69 per cent rise since 2012. The surge in pay comes despite five of the network’s 11 lines [...]
RMT confirms Boxing Day strike at key Bakerloo Line stations December 12, 2018 Bakerloo Line station staff are set to strike on Boxing Day, as commuters face further misery over the Christmas holidays. With a strike on the Central Line already set to hit Christmas shoppers, the RMT union now plans to withdraw station staff at key stops along the Bakerloo Line. Staff will not turn up to [...]
Sadiq Khan blasts government for ‘forcing London to pay twice’ for Crossrail delay December 11, 2018 Transport for London (TfL) has admitted its fare income will be £2.1bn lower than expected as it battles a "perfect storm" of pressures on its finances. In its business plan for 2019-20 to 2023-24, TfL said a “subdued” economy and a £700m reduction in central government funding for challenges facing the organisation. It said fare revenue [...]
Crossrail crisis: Businesses react to £1.4bn bailout and further delay December 11, 2018 The crisis facing Crossrail deepened yesterday as Transport for London (TfL) confirmed that the delayed project could need up to £2bn in extra funding to keep afloat. Crossrail chief executive Mark Wild also admitted that the railway, which had already been delayed from December 2018 to autumn 2019, may not open until 2020. While the [...]
Crossrail crisis escalates as TfL confirms up to £2bn cost overrun and possible delay to 2020 December 10, 2018 The crisis facing Crossrail deepened today after Transport for London (TfL) admitted that the delayed project could need an extra £2bn in rescue funding to stay afloat. The Elizabeth Line, which will stretch from Heathrow in the west to Abbey Wood in the east, was projected to cost £15.4bn and to open by 9 December [...]