TfL developing proposals for public-owned bus firm
Getty ImagesTransport for London (TfL) says it is currently developing detailed proposals for a publicly-owned bus company in London.
The plans were first outlined earlier this year in TfL's business plan, which said the move formed part of efforts to "reimagine London's bus network",
There are currently 16 privately-owned operators running the capital's 675 bus routes, including Arriva, Go-Ahead London, First Bus London and Stagecoach London.
A TfL spokesperson said: "We are assessing how this could further support innovation, efficiencies and accountability, and support the needs of customers and the workforce."
Under the current system, private companies bid for contracts to operate franchised bus services.
Contracts typically run for seven years, with operators required to meet performance targets in return for a fixed income. TfL retains control of routes and fares.
The move would deliver on a pledge made by the Mayor of London in his 2024 election manifesto.
In August that year, Lord Sadiq Khan told the London Assembly there were "lots of upsides in us having a publicly-owned bus company", including the ability to reinvest profits into public transport infrastructure.

The trade union Unite welcomed the development. Regional officer Nadine Edwards said: "Unite has been calling for London buses to be brought back into public ownership for a long time.
"This will stop money flowing from Londoners and Transport for London to private companies who preside over a race-to-the-bottom culture that impacts drivers and services."
Elly Baker, Labour's transport spokesperson on the London Assembly, has repeatedly questioned the mayor on the issue at City Hall.
She told the Local Democracy Reporting Service (LDRS): "Bringing some bus operations directly into public ownership could give TfL greater control over how services are run, improve reliability and safety, and mean money made from operating services can be reinvested in London's transport network.
However, Festus Akinbusoye, who is running to be the Conservative candidate for Mayor of London, said the move was unnecessary.
"Londoners want reliable, affordable buses; they don't care who owns the company operating them. Sadiq Khan is trying to fix a problem that simply isn't there. London's bus franchising model works.
"Other cities in the UK and internationally aim to replicate the success of London", he said.
"Rather than spending taxpayers' money and years of effort setting up a publicly-owned operator, we should be asking how that successful model can be replicated elsewhere in the country."
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