The latest accounts posted by Edinburgh Trams have shown that losses have reduced from the previous 12 months, although were still recorded as almost \u00a310 million. Much of the loss \u2013 as it has been for several years \u2013 can be attributed to the annual asset fee they have been charged by the Council since 2018 to go towards the additional borrowing costs associated with the extreme cost overruns of the original project.<\/p>\n
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The total net operating loss for 2024 was \u00a39,645,644. In comparison 2023 saw a loss of \u00a310.3 million. Every year since 2017 has seen a loss recorded, which does happen to correspond to the introduction of that annual asset fee the Council charge.<\/p>\n
In total the loss now recorded by the network is around \u00a364 million. The annual asset fee is charged at \u00a38.5 million per year, which brings that to a total of \u00a359.5 million. Whilst this would still mean there was a loss it would be much lower.<\/p>\n
These latest figures come despite a record-breaking year for Edinburgh Trams which saw over 12 million passengers carried and \u00a328.8 million being take in revenue. This included the busiest ever three days for the trams when over 250,000 people were carried during the Taylor Swift concerts at Murrayfield.<\/p>\n
In response to the figures, and the inevitable criticisms from opposition politicians, Cllr Stephen Jenkinson, Convener of Transport and Environment at the Council, said: \u201cOur aim is to improve connectivity and encourage a shift away from private car use to more sustainable transport options. The successful completion of the line to Newhaven in 2023 has already brought significant economic, social and environmental benefits to Leith, north Edinburgh and to the city as a whole.<\/p>\n
\u201cThe new developments and businesses we see along the route are key to our city\u2019s shared prosperity, as are the wider benefits of cleaner air, emphasis on active travel and progress on addressing the climate and housing emergencies.\u201d<\/p>\n
The Scottish Conservatives were most vocal in their condemenation of the figures. Sue Webber, their transport spokesperson and MSP for the Lothians, said: \u201cThese staggering losses will be a bitter pill to swallow for Edinburgh residents who were already hit with a final bill of over \u00a31 billion for the tram project. Taxpayers were told this project would eventually pay for itself, but it is still continuing to bleed money.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The latest accounts posted by Edinburgh Trams have shown that losses have reduced from the previous 12 months, although were still recorded as almost \u00a310 million. Much of the loss \u2013 as it has been for several years \u2013 can … Continue reading