LT cuts give surprise surplus
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BUSINESS on London Transpo expected by fares reductions in this year is expected to become A report to the Greater London Council transport committee last week said that 50,000 more Travelcard multi-journey tickets were sold in the autumn peak than had been forecast and sales on average are 10 per cent up on expectations.
But the main financial boost is that an expected loss of £10Orn revenue after the May fares cuts — two central London fares zones were combined into one and suburban fares were cut by 25 per cent — is expected to work out at a £75m loss instead.
According to LT, it has gained traffic from British Rail and has generated new traffic from BR, and extra ticket checks have reduced fraud by up to £2bn a year.
Commenting on this, LT chair rt has been boosted further than May, and a £2m projected surplus £25m.
man Keith Bright said: "Our cost-cutting drive is also beginning to bring encouraging results without affecting the quality of bus and Underground services, both of which are beating their mileage budgets.
"By collecting more of the money that is due to us and using it more cost-effectively I believe that in 1984 we shall be able to give our passengers and Londoners generally better value for money."
LT ran an extra 1.1m bus miles over the forecast 87.1m, and carried an extra 56m passenger miles above forecast. By the end of the year, it expects to run 163m bus miles (the GLC wants 166m to 168m), and to carry 2,416m passenger miles.
Bus commercial revenue is