Transport for London: Financial Settlement

Baroness Ludford Excerpts

Tuesday 2nd March 2021 Lords Chamber

[Baroness Vere of Norbiton (Con)]

Had the noble Lord given me fair warning of that question, I would have been delighted to answer it for the Chamber. However, I will discuss very briefly the amount of funding that the Government have been able to support for Crossrail. Back in August 2020 the board of Crossrail said that it would need another £1.1 billion, which was probably about the P70 budget. The Government have announced £825 million so that the GLA can borrow further funds to get Crossrail over the line and open to passengers.

[Baroness Ludford (LD) [V]]

My Lords, the Government commissioned a report into TfL’s finances from KPMG in June 2020. They said at the time that this was to understand TfL’s needs. The Government are now refusing to publish this report despite businesses and politicians urging them to. The suspicion is that they are playing political games. When will they end this secrecy so that Londoners get the transparency that they deserve?

[Baroness Vere of Norbiton (Con)]

The noble Baroness is right that the Government did commission that report. It extends to many hundreds of pages, and contains a huge amount of commercial information which we would not want to see in the public domain, as it would not be beneficial to the future of TfL. But the report did give us a firm understanding of where TfL is at the current time. It should be remembered that, even before the pandemic, TfL had a deficit in 2018-19 of £494 million. Combined with that KPMG report and the financial sustainability plan that we have received from TfL, we are in a much better place to help the Mayor of London get TfL back on its feet, and the Government are ready to support that.