Transport For London Crossrail revenue forecast update (0980U)

TIDM40CT

RNS Number : 0980U

Transport For London

20 November 2019

Transport for London ("TfL")

20 November 2019

Crossrail revenue forecast update

Further to Crossrail Limited ("CRL") recently advising TfL of projected delays in the opening of the Elizabeth line, TfL has been working on modelling scenarios in relation to potential passenger revenue impact.

On 8 November 2019, TfL announced that CRL's latest assessment was that the opening of the central section will not occur in 2020, but that the Elizabeth line will open as soon as practically possible in 2021. A more comprehensive update is expected early in 2020.

While awaiting further clarity on the opening dates, TfL has been modelling the potential impact on forecast revenues, consistent with the scenarios used for the additional capital costs announced on 8 November 2019. The approximate reduction in forecast revenues compared to TfL's 2018 Business Plan is expected to be between GBP500m and GBP750m spread across the next four financial years, with most of the impact forecast in 2021/22 and 2022/23. These current revenue impact assumptions will be fully addressed in TfL's 2019 update to its Business Plan, which is due to be published in December.

TfL continues to keep the Mayor of London and TfL Board regularly updated.

For further information, please contact:

Transport for London

55 Broadway

London SW1H 0BD

Email: [e-mail]

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November 20, 2019 08:49 ET (13:49 GMT)