Friday, 17 August 2012

On yer bike!

Image credit: Malcolm Coles

Meanwhile, elsewhere in London, TfL admits it doesn't know when the much-ballyhooed Boris Bikes will become self-funding.

"As of May 2012 the scheme cost Londoners £145m in construction and operational overheads, with a further £80m in additional expenditure expected between 2013/14 and 2015/16.
"The total figure of £225m is more than 4 times the maximum £50m due under the Mayor’s sponsorship deal with [everyone's favourite] Barclays Bank which runs until 2018.
The difference represents a massive public subsidy both for the hire scheme and Barclays, which enjoys huge PR benefits from its association with the scheme including sole naming rights and brand placement on TfL’s website...
 "...The current levels of subsidy are being met from TfL’s wider budget which is partly derived from fares revenue."
(Emphasis and inserts mine.)

No comments: