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E100m deficit next year for LT?
Page 22
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A DEFICIT of ,f100m next year for London Transport is possible following the, Greater London Council's decision last week to peg LT'S fares at current levels until at least the end of 1975. With the last fares increase in 1972, the capital's transport fares could be 30 per cent lower by the end of this year than in 1970, relative to the rise in cost of living.
Last week Sir Reg Goodwin, Labour leader of the GLC, forecast the introduction of a "low, flat-fare system" for LT. According to figures published by The Guardian, if there are no fares, increases, LT's deficit would rise to a staggering £2,700m by 1984.
A document detailing the, consequences of keeping to existing fare levels has been considered by the GLC's policy and resources committee and it is expected that a consultative document will be issued in the autumn. Sir Reg said last week that fare changes would not be made without consultation with interested parties including representatives of the travelling public and workers in the industry.