Transport for London (TfL) has failed to answer whether advertising could make a serious dent in its £1billion deficit.

The comments came following a London Assembly budget and performance committee report, which looks at whether people would support different types of advertising on TfL’s networks.

The report contains the assembly’s ideas about how it thinks TfL could get more money from advertising to reduce its shortfall, without increasing passenger fares.

Chairman of the budget and performance committee, Gareth Bacon, said: “Londoners have surprised us with how open they are to helping TfL raise money via advertising.

“Now we know what they do and do not like to be exposed to on their journeys around the transport network – we can make recommendations to TfL in the hope they are able to raise some much-needed cash.”

But when asked whether TfL would be using any of the ideas in the report to get more money from advertising to reduce the deficit it failed to answer.

Graeme Craig, director of commercial development at TfL, said: “We generated a record £200 million in commercial revenues for the first time last year and forecast further growth through harnessing smarter and more engaging ways in which to advertise.

“All revenue will be reinvested in improving the transport network for Londoners.”

A spokesperson for TfL, added: “We are undertaking an extensive programme to save costs and increase revenue and become more efficient, while maintaining safety, frontline services and vital investment.

"In 2017, we cut our year-on-year operating costs for the second year running, with total savings of £608m. This was a result of our continued drive to reduce costs across the organisation and capitalise on commercial opportunities. We will continue on this trajectory to achieve an operating surplus by 2021.”

A total of 72 per cent of Londoners surveyed in the assembly’s report said they supported the idea of having more electronic advertising screens on TfL’s networks.

TfL said it is continuing to install new digital advertising screens across all of its networks, but failed to specify how many more it plans to build and when.

A total of 59 per cent of people surveyed supported sponsored stations or Tube lines, something which it does not currently do.

TfL said it would “welcome” approaches from brands and “continue to explore” new partnerships over the coming year but never committed to fully exploring this idea or pursuing it in the long-term.

Earlier this year the Mayor of London, Sadiq Khan, called for a ban on all junk food adverts on TfL’s networks.

Concerns were raised that this would cause TfL’s to lose money – junk food adverts contribute an additional £13 million to TfL’s revenue.

But a total of 54 per cent of people surveyed as part of the London Assembly report opposed relaxing these restrictions on Junk Food adverts of TfL’s networks.

A spokesperson for TfL reassured assembly members that this loss of advertising would not dent TfL’s revenue.

The spokesperson said: “If the restrictions go ahead, we would work with the affected companies and brands to encourage them to promote healthier products, to try and ensure that the impact on revenue is limited.

“The restrictions are on products and are not aimed at banning brands from the network.”