Business
London’s iconic red buses and Tube under threat from coronavirus budget crisis – Sydney Morning Herald
The city’s transport network needs a massive bailout to avoid bankruptcy amid a sustained slump in usage by wary commuters.
The strategy has helped ensure enough space for social distancing but operating a regular schedule with such a sharp reduction in usage has blown a major hole in the budget. Fares make up about 70 per cent of TfL’s income.
The government handed TfL £1.6 billion ($2.9 billion) in May but TfL now wants another £2 billion to make it through this financial year and another £2.9 billion to survive the next one.
TfL commissioner Andy Byford warned the network could effectively go bankrupt if the gov…
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