Transport for London: Financial Settlement

Lord Moynihan Excerpts

Tuesday 2nd March 2021 Lords Chamber

[Baroness Vere of Norbiton (Con)]

The Government will provide funding to TfL. We have already said that we will and that we want to keep the capital moving. That is essential. We can also agree that the forecast scenarios that are available for passenger demand will, quite frankly, resolve only over a period of time. The Mayor of London is going to have to think about his capital expenditure and service levels in the future. He may have to make difficult decisions, but there are a number of reforms that the Mayor of London should have done but has not done, and probably should do in the future, in addition to potentially looking at service levels.

[Lord Moynihan (Con)]

My Lords, pursuant to the Question posed by my noble friend Lord Moylan, and in recognition of the long service that he has given to this subject, significant focus has been placed on new underground lines. However, does my noble friend the Minister recognise and accept that the settlement should focus as much on revenue as on the vital need for a fully funded capital programme to upgrade existing underground lines, in addition to the “new tube for London” programme?

[Baroness Vere of Norbiton (Con)]

There are many strands to the capital programme. Some of them are short- to medium-term. The Government will expect the mayor to make decisions that encourage the economic growth of London. One of the other important considerations when thinking about how we develop the London Underground will be housing. My noble friend may have seen that the Government agreed to safeguard the land for the Bakerloo line extension. It cannot be built now but it may be built in the future.