Another strike: Londoners face severe tube disruption on 26-28 November, 3-5, 10-12, 17-18 December November 22, 2021 Transport for London (TfL) is hitting back at the strike action planned by the National Union of Rail, Maritime and Transport Workers (RMT), warning that commuters could face severe disruptions because of the “unnecessary strikes”. If going ahead, the strikes – which will disrupt services on two days and eight nights between 26 November and [...]
Metro Bank’s largest City shareholder sells stake after private equity buyer walks November 22, 2021 A leading institutional investor has cashed in its shares at Metro Bank after a US private equity buyer walked out on takeover talks.
London needs to have the powers to control its own destiny – and transport November 22, 2021 It is no longer headline news that Transport for London is facing a financial crisis. Last week the mayor of London revealed the network needed £1.7bn over the next 18 months simply to balance its books, and at least £1.3bn every year to make essential upgrades on the Tubes, trains and buses. This summer, Tfl [...]
Service resumed: Waterloo and City line restored to pre-pandemic timetable November 22, 2021 The Waterloo & City line has returend to a full time-table today after 20 months of closures and restrictions during the pandemic.
Whitehall should not be able to escape TfL’s case for funding November 18, 2021 There is a brilliant, if possibly apocryphal, anecdote that emerged from the 2000 US election. Karl Rove, George W. Bush’s election strategist, was finally accosted by the journalists who had been following Bush on the campaign trail for weeks, reciting the same speech, city by city, state by state. The hacks begged Rove to change [...]
The City View: Metro Bank, Fuller’s and trouble for TfL November 18, 2021 In this edition of The City View, the daily podcast from City A.M., editor Andy Silvester talks to economics and markets correspondent Jack Barnett about Metro Bank, good news from pub group Fuller’s, and funding issues at TfL. Andy also touches bases with River & Mercantile’s Dan Hanbury on where opportunities lie in the UK [...]
Lib Dems call for bank tax hike to plug TfL funding gap November 18, 2021 The Liberal Democrats have called for taxes on banks to be hiked to help fill Transport for London’s (TfL) £6.6bn funding gap. The party called the long-running TfL funding saga between the government and mayor of London Sadiq Khan a “a ridiculous macho battle”, while urging them to “sort this mess out”. Khan last night [...]
TfL: Network planning for “managed decline” and return to 1970s without Whitehall funding November 18, 2021 LONDON’S transport network is headed for “managed decline” that will echo the 1970s if central government refuses to fill a growing funding black hole. Late on Wednesday evening, TfL’s finance committee published the bleakest assessment yet of the future of London’s public transport network, outlining an 18 per cent reduction in bus services and a [...]
Lower than forecast ULEZ receipts hit transport network’s coffers November 18, 2021 The expansion of London’s Ultra Low Emission Zone (ULEZ) has been so successful in driving down the use of heavily-polluting cars that it has blown a £600m hole in TfL’s forecasted budgets. The ULEZ was expanded out to the north and south circular in October as part of the Mayor of London Sadiq Khan’s push [...]
Sadiq Khan warns for ‘severe tube and bus disruption’ if govt does not cough up £1.9bn for London transport funding November 18, 2021 Sadiq Khan, the mayor of London, warned this morning that without urgent Government investment London’s bus and tube services could be severely disrupted because of a £1.9 billion funding gap. Sadiq Khan says bus services could be reduced by a fifth and tube services by almost 10% unless the Government steps in with an injection [...]