Although controversial at the time, the fares freeze has been fully paid for through TfL's efficiencies programme, outlined in its December 2016 Business Plan, according to City Hall. OnLondon.co.uk exists to providing fair and thorough coverage of London’s politics, development and culture. Completing the signalling upgrade and increasing capacity by 33 per cent on the Circle, Hammersmith & City, Metropolitan and District lines, delivering refurbished trains on the Central line and new, spacious state-of-the-art trains on the Piccadilly line. The bail-out was revealed on Monday 10 December. While London has benefited from additional third-party funding for transport projects, such as being successful in bids from the Government's Housing Infrastructure Fund, TfL did not see any commitment in the 2019 Government spending round. TfL's finances continue to be subject to substantial pressures as a result of the average £700m a year reduction in Government funding for its day-to-day operations. Since TfL’s Business Plan in December 2016, its predicted fares income for the next five years has been re-forecast to be around £2.1 billion lower than originally expected, due to the state of the wider economy. Mike Brown, who will step down as TfL chief in May, told the London Assembly budget and performance committee that TfL had “looked to a delay to the later stages of 2021” in its business plan assumptions about when income from the new service will start coming in, but that this reflected a “very pragmatic look at the demand forecasts” and that an “indicative timeline” for the Elizabeth Line’s launch will be revealed at a meeting of the Crossrail board on Thursday. TfL will also work with bus operators to implement its world-leading Bus Safety Standard, including all new buses purchased from August 2019 having Intelligent Speed Assistance as standard. ", TfL Business Plan: investing to keep London moving, Plan a journey and favourite it for quick access in the future, Choose postcodes, stations and places for quick journey planning, https://tfl.gov.uk/corporate/publications-and-reports/finance-committee, London Fire and Emergency Planning Authority, Firm financial management keeps TfL on track to deliver an operating surplus by 2022/23 with net annual cost of operations reduced by more than £1bn since 2015/16, Delay to the opening of the Elizabeth line and a subdued economy means a cautious approach necessary to revenue forecasts, Sustained Government funding needed to support the safe and reliable operation of the current transport network and to accommodate the city's growth. The residents of Rosendale Road and surrounding streets (SE21 and 24) will, for example, be dismayed to learn that they will still be “kettled” by the raised kerbs of protected cycle lanes because an unconsulted decision taken some years ago (supposedly before the current Mayor was elected) to not route the lane along the popular choice (College Road) remains sacrosanct. TfL has gripped its costs, both in its own operations and through the supply chain. These new targets have been reflected in the Business Plan and mean that TfL's net cost of operations is now forecast to be £434m better than those previously forecast in its annual budget. While passenger numbers on public transport have been slightly higher overall compared to last year, recent weeks have seen a notable softening in demand which could be linked to wider economic uncertainty. The transport body said that delays to the opening of Crossrail and a “subdued” economy meant that a cautious approach was “necessary” for the plan, which will run to … This Business Plan is structured around the four pillars of our strategy: Customer, Delivery, People and Value.