Over the last two months we’ve lost more than 90% of our fares and advertising is down and so is the congestion charge. So we’ve been spending £600m a month, paying for services and getting nothing back from our customers, or very little.
So although we had at the start of this crisis a cash reserve of north of £2.1bn, that’s running out and we’re required by law to keep two months’ worth of money in reserve to pay for services.
So we’ve been involved in weeks and weeks of negotiation with the government and its really hard in getting support from them. Being blunt, today is the last day. Unless the government today gives us confirmation of the grant that we need then the consequences could be quite severe and ramifications for all of us will be huge.
