Transport for London (TfL) said that in the past week, tube passengers are down 19 per cent while bus passengers are down 10 per cent compared to the same week in 2019.

There are three main causes, the top one being a significant fall in the number of visitors to London.

The number of firms asking staff to work from home has also affected passenger numbers. 

Finally, TfL said that it has seen a "continued underlying softness of demand, especially off-peak", which it has attributed to consumers being more cautious with their spending habits.

Simon Kilonback, TfL’s Chief Finance Officer, said:

Our best forecast, based on government scenarios, is that the financial impact of the coronavirus could be up to £500m.

We manage our finances prudently, and have reduced our deficit hugely in recent years. This means that we can manage the impacts on our passenger numbers and finances that are currently envisaged.

But, given the nature of the situation, we will be looking to the Government to provide appropriate financial support. 

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