Crossrail delay creates a financial crisis for TfL

As international credit rating agency Moody's warned that the delay in launching Crossrail will hit Transport for London with a £400m funding shortfall in 2021, Caroline Pidgeon said:

“The Moody’s report makes for grim reading over the financial crisis now facing TfL. Their report draws upon and reflects what the London Assembly has been saying for months regarding the huge loss in income that TfL will now face due to the delayed opening of Crossrail.

“The report also provides a powerful reminder that if TfL tries to solve its dire financial problems by postponing investment in improving the London Underground, the London Overground or the DLR it is merely creating a whole new set of financial challenges in future years. Postponing such investment will simply kick the can down the road. It will create even greater financial and transport challenges in the years ahead."

Read more in City AM.