Latest Rail News

08.06.12

TfL efficiencies programme saves £1.8bn

Transport for London has increased both ridership and reliability over the past year while creating significant savings, its draft Annual Report and Statement of Accounts suggests.

The report covers the year ended March 31, 2012 and will be considered by the Audit and Assurance Committee on June 15 before being presented to the TfL board later this month.

Net savings of £1,809m have been found since the £7.6bn efficiencies programme began. TfL has committed to meet further savings targets by better commercial procurement and reduction in the use of non-permanent labour.

Major upgrades and improvements in the past year include the completion of the Jubilee line upgrade, a full fleet of new Victoria line trains in passenger service and the completion of the £300m upgrade of the Docklands Light Railway.

GreenParkstation has also been upgraded, Crossrail’s TUCA opened in September and tunnel boring is currently underway. Back office costs have been reduced by 20% through a more streamlined structure, TfL said, and the number of staff paid over £100,000 has fallen by 3% to 223.

The Mayor of London and chairman of TfL, Boris Johnson, said that the investment programme was “vital” in driving economic development and growth.

He added: “Looking forward, my team will continue to cut waste and direct spending towards improvements to the frontline services that provide the greatest benefit for Londoners.”

Peter Hendy,London’s transport commissioner, said: “Once again last year, TfL operated more services and carried more customers, more reliably. However, we are not complacent and will focus once again this year on upgrading our networks, improving the reliability of our services and our customers’ experience of TfL.

“Last year was also one of great change across TfL, with Project Horizon delivering in a leaner, fitter organisation. Support services have been centralised and all staff are fully focused on delivering or supporting efficient frontline services and the upgrade of the transport network. We look forward to the London 2012 Games and to making the most of the legacy of investment in transport infrastructure and behavioural change.”

To view the report, visit: www.tfl.gov.uk/corporate/about-tfl/boardandchiefofficers/papers/1448.aspx

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