Without a second bailout, London’s transport network faces a “doomsday scenario” the Transport for London (TfL) network has warned.
As the 17 October deadline nears for the expiry of the current £1.6bn ($2.07bn) bailout package from the government granted in May, people using public transport is still nowhere near levels seen pre-coronavirus.
TfL’s income suffered a big hit due to people working from home during the pandemic, plunging by 90% as lockdowns set in.
Deputy Mayor for Transport Heidi Alexander said that daily income has dropped from £13m a day to £5m.
Without a renewed cash injection TfL would be forced to issue a Section 114 order. This is the equivalent of bankruptcy.
Under this “doomsday scenario” the Woolwich Ferry, linking Woolwich and North Woolwich, would be the only