Livingstone is still pushing the falacy that there is a huge pot of money sitting around that can be spent on cutting fares even though the claim has been completely discredited. Let’s ask ourselves the most obvious of questions; if this money really does exist why wouldn’t Boris spend it in an election year to win votes?
The simple answer is because it doesn’t exist!
Livingstone keeps saying that TFL’s operating surplus this year can be spent on the fares cut, it can’t, the money is already budgeted for spending in the forethcoming year. It’s like saying that the money for your mortgage payment on Monday of next week can be spend over the weekend because it is sitting in your bank account on Friday of this week.
No one in their right mind would think that, it is the most simple and basic financial literacy. Either Livingstone hasn’t even the most basic grasp of public (or personal) finance or he is lying to Londoners.
You can make your own mind up which.