TfL told us that it is over-reliant on income through the farebox which accounts for 72% of TfL income. TfL compared this to New York City Transit which received 38% of its income from fares.37 It told us that COVID had caused revenues to collapse because ridership had collapsed. At the start of 2021, TfL’s long-term demand planning indicated an 18% drop in demand for rail as of 2031 in the most likely scenario, compared with what was expected before the COVID pandemic.38 TfL told us that the government lending it had received during the pandemic included a target to become financially self-sufficient within two years.39 TfL told us it must diversify its income and identify new revenue streams of around £500 million a year.40 Opening the Elizabeth line