Transport for London risks bankruptcy as crisis deepens

The funding crisis at Transport for London has reached the point where it may have to issue a ‘Section 114’ report soon, which would effectively be a declaration of bankruptcy. Although the latest funding settlement ended on Friday and negotiations with the government are continuing, no further support had been agreed by Saturday morning. A statement from the Mayor’s office said: ‘We are still in negotiations with the government about a new funding deal for Transport for London and hope to be able to finalise a deal in the coming days. It’s vital that the government provides TfL with the long-term funding deal it needs to properly maintain vital transport services in the capital. Some 43,000 jobs outside London depend on TfL’s investment.’ 

Railway delays continue as Storm Eunice clear-up goes on

Network Rail has warned that it will take ‘several days’ before timetables can return to normal, as a result of the destruction caused by Storm Eunice. The storm itself has moved away, but falling trees and other debris blocked many routes and damaged overhead equipment on several main lines. All trains from London Euston had to stop for a while as the storm reached its height, and nearly all services from Paddington were suspended. Transport for Wales also withdrew all services.

In one incident at Linslade on the WCML a tree fell on to the overhead and burst into flames, while a roof blown off a lineside building landed on the tracks at Banbury. Network Rail said ‘hundreds of trees’ had fallen on railways, and a train collided with one fallen tree near Beaconsfield.

Passenger director for the North West and Central Region Dave Penney said: ‘Hundreds of railway staff worked bravely in horrendous conditions and I’d also like to pay tribute to their courageous work to keep passengers safe. The scale of the damage in some areas will take some time to fix so I’d urge passengers to check National Rail Enquiries over the next few days as we continue the clear up operation.’

source= http://www.railnews.co.uk/news/2022/02/19-transport-for-london-risks-bankruptcy.html

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