Analysis by Ealing councillor and blogger Phil Taylor.
No doubt the Mayor or one of his 265 press people will tell us that the charge never set out to raise revenue. Well that is OK because it doesn't. The Evening Standard showed last week that it doesn't do much for congestion either. They said:
"Traffic speeds in parts of the congestion charge zone have fallen dramatically - in some cases to even lower than before the toll was introduced five years ago. An Evening Standard survey has found evidence that traffic on 12 key routes through central London travels at an average of only 6.5 mph. Speeds on some main routes are now slower than a walking pace. On the Strand - a vital east-west corridor - the average speed is 1.8 mph."
The Congestion Charge figures from TfL's own annual report and accounts are reproduced below. His own figures make a fool of Hendy. Once the figures get proper attention from the Audit Commission suddenly the net profit is only £90 million. To give you an idea of how mendacious Hendy is, the £8.6 million he spent advertising the Western Extension to the charge was included in "Western extension zone set-up costs". It's a strange view of profit when you consider advertising of your service not to be a direct cost of the service. Click to enlarge table below.