TfL faces big shortfall in fares income due to slump

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The London Assembly's budget committee said TfL had been forced to revise its budget for the next financial year and it could have a detrimental impact on services and infrastructure projects.

Almost half of the body's £7.6 million yearly income is "vulnerable" to changes in the capital's economic performance as it comes from fares and congestion charge revenue, which are expected to fall in a recession.

In its response to Boris Johnson's draft budget, the committee urged the Mayor to lobby ministers for extra funds for major transport infrastructure projects.

Although the report did not highlight any particular projects there is a threat to the Tube upgrade and the DLR extension.

John Biggs, chairman of the committee, said: "London has been hit by the shock engulfing the world economy and many of the capital's priorities will have to be revisited.

"But changing the budget has consequences for Londoners who receive services and pay for them."