The Commissioner of Transport for London (TfL), Andy Lord, spoke to a packed TransCityRail SOUTH this afternoon.
Andy first reflected on an incredibly successful period of expansion for TfL, which included the opening of the Northern Line extension to Battersea Power Station in 2021 and the opening of TfL’s “jewel in the crown”, the Elizabeth Line, in May 2022.
The Northern Line extension has proved transformational to the Battersea area, with significant progress towards the targets of 20,000 new homes and 25,000 jobs already evident.
Meanwhile, the Elizabeth Line revolutionised the face of London’s transport network, with headline figures including the possibility of 50,000 new homes, 55,000 jobs, and a £42 billion injection into the UK’s economy. The Elizabeth Line is also the fastest growing railway in the country, serving 350 million passengers since its opening.
Andy revealed that for the first time in TfL’s history, it can now stand on own two feet financially following the 2022/23 financial year, a period during which TfL was able to cover all of its own costs plus a surplus that was reinvested back into the transport network.
However, Andy did explain that there are still some outstanding challenges facing TfL. For example, the working lifespan of many assets has had to be prolonged. In one such instance, the 52-year-old Bakerloo Line fleet, the oldest rolling stock still in use in the UK, may have to last until the 2030s before it can be replaced.
Andy argued that despite its financial stability, this shows that there is still a great need to invest in TfL. He said that this is further demonstrated by the new Labour Government’s number one pledge to grow the country’s economy.
Recent analysis suggests that investment in TfL results in direct investment across the UK, adding £5.9 billion in gross value to the UK and directly supporting 5 million jobs.
“National productivity and growth can improve only if London’s productivity and growth are protected.” said Andy.
“London needs a London-funding deal. We need that certainty soon.”
He concluded by stating that a long-term deal is needed to fund London's transport in the most efficient way and to give certainty to the supply chain.
He also hopes that, as TfL celebrates its 25th anniversary in 2025, following constructive discussions with the Labour Party, having the same party both in Downing Street and City Hall may simplify the environment within which the organisation can operate and continue to grow.
Image credit: Rail Technology Magazine
