Our principal activity is to provide safe, integrated, efficient and economic transport facilities and services within Greater London.
Critical for the London economy
- Monopoly provider of essential public transport services in London
- Total asset base of more than £50bn
- Driving economic growth and supporting jobs across the UK
Consistent delivery of balanced Business Plan
- Transparent financial planning and commitment to fiscal discipline
- Strong track record of meeting operational goals and reducing costs
- Continually seeking to diversify revenue streams and grow non-fare revenues
Central and local government support
- Key functional body of London's regional government (the GLA)
- Around £2bn grant received from the GLA annually
- Direct access to liquidity from central government at short notice
- Borrowing treated as Public Sector Net Debt
Statutory framework
- Created by the Greater London Authority Act 1999
- Embedded in the local authority finance regime
- Legally required to maintain a balanced budget and have regard to CIPFAs Prudential Code
