Ministers have hired one of the big four accountancy firms to oversee a review of Transport for London's (TfL) finances, weeks after Whitehall provided £1.6bn of emergency financing to prevent the network's collapse
"As part of this, we have appointed KPMG for an independent review into TfL's finances so we can understand its needs, now and in the future."
The financial strain on TfL will present a stiff test to Andy Byford, the authority's highly regarded new commissioner, who stepped down from the equivalent role in New York earlier this year.TfL is braced to record a £4bn loss this year, underlining the urgency of the capital's efforts to access emergency funding.
As a result, it has said it is raising the congestion charge by 30%, temporarily halting free travel for children and charging the over-60s to travel at peak times.
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