> Fares in London cover 91% of operating expense Note that capital expenses (fixing tunnels, buying new trains) are not included in operating expenses, so Lond

> Fares in London cover 91% of operating expense Note that capital expenses (fixing tunnels, buying new trains) are not included in operating expenses, so London Underground runs at a significant deficit: 2,542m (Operating expenses) + 1,227m (Capital expenditure) - 2,286m (Fares) = 1,483m http://www.tfl.gov.uk/cdn/static/cms/documents/annual-report-2013-14.pdf http://www.tfl.gov.uk/cdn/static/cms/documents/annual-report...