Transport fit for the future has been saved
Transport fit for the future
Deloitte has been advising TfL on new ways to raise new revenues to help fund its massive infrastructure investment programme. Our work has identified a staggering £3.5 billion of extra revenue that could be accrued over the next 10 years through a range of property, advertising, sponsorship and retail opportunities.
A city with 7.2 million people and more than 16 million visitors every year needs a reliable, resilient, frequent and expansive transport system. Transport for London (TfL) is the organisation responsible for keeping London moving and, at a time of public sector cutbacks, has been looking for new sources of revenues to ensure London’s transport network is fit for the future.
We have been advising TfL’s Commercial Development Directorate since 2013, to help it find ways to realise the huge revenue-generating potential of the TfL asset base and network — spanning property, advertising, sponsorship and retail opportunities. Through our work we have identified approximately £3.5 billion of extra revenue that can be accrued over the 10-year business plan.
If realised, these funds would be a huge step forward in making TfL more self-sufficient — and would be invested straight back into improving the transport network for customers.
How we made an impact that matters
The programme has not been without its challenges: TfL faces the tough task of improving reliability at the same time as maintaining high safety standards and keeping customers happy, all against a backdrop of ever-increasing demands on the network.
On top of the £3.5 billion of extra revenue, the programme will also have a range of benefits for the London economy and the customer experience. For example, TfL is developing large property projects to increase housing in the capital, improving retail offerings at tube stations, providing phone and internet access on trains, and allowing targeted advertising across the network.