Critical for the London economy

  • Monopoly provider of essential public transport services in London
  • Four billion journeys per year, with capacity investments to increase ridership
  • Total asset base of more than £40bn
  • 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 by over £1bn since 2015/16
  • 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)
  • £1.9bn grant received from the GLA annually
  • Direct access to liquidity from central government at 48 hours 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