A meeting 'agenda supplementary' document from the office of Mayor of London indicates major budget cuts for Capital Investments, as well as maintenance for the Transport for London (TfL). It is for a meeting this morning (June 2, 2020 at 10:00am)

Page 52 of the document indicates that original Capital Investment budget of £1,333m is decreased by £525m to £808m. It is a 39% decrease.

These figures do not include Crossrail works which is a different beast on its own. No changes planned for Crossrail budget. It remain at £725m (on the same page 52). My gut feeling says, they did not decrease its budget because they know expenses will exceed the budget. In such big projects, the actuals are traditionally goes to the north of the budget amounts.

Renewals Budget (just to get the existing system working, by maintenance and renewal of rolling stock etc) also gets its share of cuts. It goes down from the original budget of £532m to £332m. Document gives the cut at £201 (probably due to rounding). That is another 38% cut for you. You can check the table on page 50 of the document.

The reason for the cuts is thought to be the financial fallout caused by the coronavirus. The scale of looses in income in this financial year is thought to be up to £4 billion.

http://content.tfl.gov.uk/board-20200602-agenda-and-papers-supplentary.pdf ;