Budget and Business Plan
Our Business Plan maps our plans over the period to 2025/26 to improve air quality and tackle the climate emergency, encourage walking and cycling, and invest in public transport.
We work to support the Mayor's ambitions around the key themes of Healthy Streets and healthy people, a good public transport experience and new homes and jobs.
This plan will see the delivery of the London-wide Ultra Low Emission Zone to further tackle the triple challenges of air pollution, the climate emergency and congestion, and to ensure five million more Londoners can breathe cleaner air.
Extreme weather events, including heatwaves, flooding and severe storms, show that climate change is already impacting London. This Business Plan will see us become the strong, green heartbeat for London, supporting progress towards the Mayor's ambition for a net zero-carbon city by 2030.
Additional funding has been allocated to embed action on environment in our work, including to cut and adapt to the impacts of climate change on London's public transport network. All new buses in our fleet will be zero emission and we have accelerated our plan of delivering a 100% zero-emissions bus fleet from 2037 to 2034. With additional Government funding, we could also make our bus fleet zero-emission by 2030, which would save 5 million tonnes of carbon.
Since restrictions were lifted on public transport in early 2022, ridership on Tube, bus and rail services has increased and we are working hard and creatively to further build on this.
A key part of encouraging customers back will be by investing in our infrastructure to keep services safe, clean and reliable, as well as delivering a range of improvements to London's Tube, bus and rail network. This includes investment in the development of new trains to replace the ageing Piccadilly line fleet and a new fleet for the DLR.
Having delivered new signalling for the Circle line, we will complete the rest of the Four Lines Modernisation programme to bring more frequent, reliable and faster journeys on the District, Hammersmith & City and Metropolitan lines.
The project to modernise and expand Bank station will also transform customer journeys at the heart of the city.
This Business Plan shows how we will achieve and build on financial sustainability. This includes actively growing passenger demand while creating new sources of revenue to reduce our reliance on fares income.
We will create and grow an operating surplus based on our own sources of income and we will maintain cash reserves to make payments and protect against shocks. We will continue to deliver recurring cost savings to ensure we remain affordable for customers and taxpayers, and we will fully fund our capital programme with a long-term Government settlement and an affordable level of debt.
We will also continue the work of becoming a simpler and even more effective organisation, a more diverse and inclusive organisation and one that invests in staff welfare and facilities to ensure it remains an attractive place to work.
2023 Business Plan
Our Business Plan was approved by the Board on 7 December 2022.
Our 2021/22 Budget was approved on 16 March 2021.
Financial Sustainability Plan
Under the terms of our October 2020 Funding and Financing Agreement with the Department for Transport, we produced a comprehensive plan with options on how we could achieve financial sustainability by 2023/24. This was published in January 2021.