Sadiq Khan: London transport fares will increase after £1.6bn TfL bailout May 15, 2020 London mayor Sadiq Khan has said that he will be forced to increase fares on the capital’s bus and rail services after agreeing a £1.6bn bailout for network operator Transport for London. In a statement, the mayor said that he had “no choice” but to accept the offer, which was the “only deal the government [...]
Congestion charge set to rise 30 per cent after TfL bailout May 15, 2020 London’s congestion charge is set to rise to £15 a day from 22 June, it was revealed today, as a consequence of the government’s bailout of Transport for London. From next month, a 30 per cent increase would see the daily charge rise from £11.50 to £15. The scheme’s operating hours will also extend to [...]
National Express running at 50 per cent revenue in April May 15, 2020 Coach operator National Express has said that it is currently operating at half its normal revenue due to the impact of the coronavirus pandemic on travel. In a trading update, the firm said its revenue in April was 50 per cent what it was in the same month last year. However, the coach company said [...]
MPs slam British Airways’ use of furlough amid 12,000 job cuts May 14, 2020 MPs have hit back at British Airways’ owner IAG after the firm’s chief executive confirmed that up to 12,000 proposed job cuts would still go ahead despite the extension of the job retention scheme until October. In response to IAG chief Willie Walsh’s confirmation of the redundancies, transport select committee chair Huw Merriman said that [...]
Sadiq Khan warns TfL will run out of cash today without government bailout May 14, 2020 London’s mayor Sadiq Khan has given the government an ultimatum saying that if Transport for London does not receive a bailout today the operator will have to cut tube and bus services. Speaking to LBC, Khan said: “Being blunt, today is the last day. Unless the government gives us confirmation of the grant we need, [...]
Watches of Switzerland beats expectations due to surge in online sales May 14, 2020 Watches of Switzerland saw sales smash £590m in the UK as the luxury group beat expectations for full-year revenue despite the coronavirus shutdown. Despite a slowdown in the last six weeks of the year due to the coronavirus, the firm said revenue had risen 5.9 per cent to £819.3m. The figures In the 46 weeks [...]
Wincanton sees revenue fall 15 per cent amid signs of ‘gradual’ recovery May 14, 2020 Logistics firm Wincanton said that revenue in April was down 15 per cent on a year-on-year basis, though it said it was beginning to see encouraging signs of a “gradual increase” in activity levels. In a trading update, the haulage company said that “considerable uncertainty” remained over the financial disruption it would suffer due to [...]
Oil prices bounce back as demand drop forecasts trimmed May 14, 2020 Oil prices bounced back after yesterday’s losses after the International Energy Agency trimmed its forecast for the drop in oil demand over the full year. Having slipped earlier in the week, worldwide benchmark Brent crude picked up 2.8 per cent to cross the $30 threshold again. US standard West Texas Intermediate rose 3.1 per cent [...]
Bus industry calls for further government funding as lockdown measures ease May 13, 2020 The UK bus industry has warned that the government needs to extend its emergency funding if operators are to increase the number of services they are running in line with official instructions. Speaking to City A.M., the Confederation for Passenger Transport (CPT), which represents the UK’s bus and coach firms, said that “it was highly [...]
EU unveils plans to reopen borders in bid to salvage tourism season May 13, 2020 The EU has lain out new guidelines for member states to use to reopen their borders and encourage tourism as the bloc seeks to begin its recovery from the coronavirus pandemic. It is hoped that the measures will salvage at least some of Europe’s summer holiday season, which brings in around €150bn in the average [...]
