In January, the body admitted that it would need at least two years of additional financial support to keep it afloat due to the disastrous effect of the Covid-19 pandemic on its finances. This was largely due to sharp falls in passenger numbers which saw rail journeys drop to lows not seen since the Victorian era.
According to City Hall analysis, without a fresh round of funding TfL would be forced to cut more than 100 bus routes with an overall 18 per cent reduction in service levels.
This would be coupled with a fall in reliability due to the inability to modernise train fleets, some of which date back to the 1970s.
Further losses would also come from severely constraining future capital investment in the road and transport network.
The analysis estimates that without the funding the UK economy could lose £7.3bn over the next decade due to a reduction in productivity from commuters as a result of service delays and infrequency and road congestion.
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