Placeholder Image

Subtitles section Play video

  • Let's talk about what I want to talk about today.

  • Which is why, what?

  • Why London is now billions of pounds in debt and why you, the taxpayer is gonna pay for it.

  • And I want to talk about numbers right now.

  • But let's start off with TfL, which is transport for London.

  • And what we see there is our entire transportation network here in London, and what you see is a gaping hole of mismanagement and over budget.

  • And it's shocking.

  • But I'm gonna have to talk about the budget shortcomings, not just from the current Labor Party mayor.

  • But I'm talking about the conservative mayor as well, going all the way back to Boris Johnson.

  • This isn't just a current mayor of London issue.

  • This isn't just a Labor Party issue, although they'd like you to think it's one or the other.

  • And that's why they fight back and forth.

  • Why you and I, the citizen and the taxpayer, pay for their mistakes and their mismanagement.

  • So let's get here and let's talk about it.

  • First of all, let's go through a little lesson in history.

  • Back in 2000, there was no mayor of London, and that's important thing to remember here because there was also no TfL budget deficit.

  • I know it's hard to imagine, but it was a zero, all right.

  • And this is when the mayor of London office was conceived and it was conceived Azan experimentation and devolution giving power two people locally and local officials to make the best local decisions.

  • And we've seen this happen from around the world and in the UK, and I think it's a good decision.

  • You should always give the people in a location the power to make the decisions that are best for them.

  • And we we totally back that.

  • But that's when we saw the mayors of London start racking up the budgets for TfL because what they started doing was they.

  • They started overspending on TfL and being fiscally irresponsible.

  • And you've seen the headlines popping up over the past few weeks and months.

  • You see, um, Boris calling Sadiq out and saying he's mismanaged the budget.

  • He's bankrupting the TfL.

  • You see the sad faces of our current mayor asking for £1.8 billion asking for another £2 billion.

  • You've seen, uh, Mawr and Mawr headlines of what of what they've been asking for.

  • Meanwhile, you and I, as the consumer, the taxpayer and as someone who pays for these networks are gonna pay for this through higher taxes and higher rates.

  • But if you look at the actual figures of what happened and again I spend a lot of time every day going through financial details, you get to see what actually happened.

  • And here is actually a slide coming up right now that goes and shows you the debt that's been racked up by our previous mayors.

  • And again, this isn't a conservative issue or a labor issue.

  • This is a poor fiscal management issue, and you can see our very first American.

  • Livingston increased the TfL debt by £1.95 billion.

  • These are big numbers here.

  • Then, when Boris got into office for those eight years, he increased the debt by another £7.2 billion.

  • And, of course, our current mayor of London is driving our transportation network further into the ground by raising debt.

  • Another £6.3 billion on this is again very, very hard to believe.

  • These numbers, they're shocking and these come with interest payments thes come with principal that has to be repaid on.

  • This comes with real ramifications for you and I as taxpayers and people that use these networks, and I'll talk about that shortly.

  • The Telegraph, one of the big newspapers here in London, recently said quote transport for London has already received bailouts totalling £3.4 billion this year, but has warned it will need a further £2.9 billion to keep the capital moving through 2021.

  • They went on to say that these deals came with strict conditions on the London transport network.

  • One of those things was raising our congestion charge from an already expensive £11.50 up to £15.

  • But that's not all.

  • They made the congestion charge now from 7 a.m. to 10 p.m. At night.

  • They've also made it happen on weekends and they removed free travel for Children.

  • And so now kids have to pay for travel.

  • The congestion charge has become extremely harmful.

  • It's also hurting our economy by not getting people into the city and guess what?

  • Next year we are expecting fare hikes that are gonna be higher than the inflation rate.

  • This is the quote unquote deal that our current mayor got us and also raised our debt.

  • These air riel numbers with real ramifications.

  • And it means this the potential total transport for London debt footprint of 2021 is gonna be topping £18 billion.

  • Imagine that going from zero in 2000 to £18 billion in 2021.

  • What does this mean for you?

  • Well, if you take the simple math of nine million citizens here in London, that means to £1000 for every man, woman, child citizen in this city to pay.

  • So if you have a household of five people, that's £10,000 that you owe right now for the fiscal mismanagement of your transport network.

  • And I have one question for you.

  • Will that be cash or card?

  • How would you like to pay for that?

  • Because that's what each household needs to pay right now because of the fiscal mismanagement of the current mayor of London and the previous conservative mayor.

  • And again, I think both of us, you and me are tired of what we see in the press every day, with everyone pointing fingers from the prime minister to the current mayor of London, saying you caused the deficit.

  • No, you caused the deficit.

  • Meanwhile, you and I, as citizens, are gonna pay for this debt.

  • We're also gonna pay for the consequences because our Children now have to pay to ride the transport for London.

  • We're gonna see rate increases next year above inflation.

  • But more importantly, we're paying for this with economic damage from this increased congestion charge and mawr of a mess that transport for London is gonna face going into the future.

  • I always will my wife stop my wife.

Let's talk about what I want to talk about today.

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

B1 london mayor debt transport pay budget

TFL BUDGET DEFICIT ?: Why There Is A Gaping Hole Of Mismanagement & Over Budget - Brian Rose

  • 4 0
    林宜悉 posted on 2020/12/15
Video vocabulary