£136M in public transport sponsorship deals could freeze fares for a year

Posted by GLA Conservatives in Blog   Share2013

Jun
3

Zone 1-6 travelcard holder about £90 better off

A package of sponsorship deals across London’s public transport could raise the £136 million¹ required to completely freeze passenger fares for a year – leaving a zone 1-6 travelcard holder an estimated £90² better off. Alternatively, passenger fares could be capped at inflation for the next three years if TfL could raise £204 million³ through sponsorship.

A poll of 531 Londoners shows more than 4 in 5 people in the Capital (82%) support more sponsorship across public transport such as renaming existing tube stations (e.g. Virgin Euston), entire tube lines or bus routes.

Gareth Bacon, Londonwide Assembly Member, and author of ‘Untapped Resource: Bearing Down On Fares Through Sponsorship’ says:

“Sponsorship is big business. It gives public transport bosses a massive opportunity to generate money without burdening Londoners with higher fares. Transport For London (TfL) is well behind the curve on this one. We have the potential to command tens, if not hundreds of millions of pounds through sponsorship deals on stations, lines, trains and bus routes. Sponsorship is already used on metro systems across the word in places like Madrid, Dubai and New York. Closer to home, it is already widely used across the private sector. Sponsorship of the FA Cup and Premier League for example, far from spelling their ends, has allowed English football to remain competitive and at the top of the world stage. TfL must follow in these footsteps if London’s transport network is to remain as one of the best too.”

The full report ‘Untapped Resource: Bearing Down On Fares Through Sponsorship’ launches today. It can be downloaded at: glaconservatives.co.uk/ur