Transport for London (TfL) announced on Saturday 19 February that discussions with the Department for Transport (DfT) in relation to future funding requirements are ongoing and that it remains in a position to meet its operational and contractual obligations in the near term, whilst discussions conclude.
On 1 June last year, TfL agreed an extraordinary funding and financing support package with the DfT to support services in London and contribute towards its forecast revenue loss due to reduced passenger numbers as a result of the pandemic. The funding package initially provided support for the period from 29 May to 11 December 2021 and had subsequently been extended to 18 February 2022.
A Transport for London (TfL) spokesperson said: “We have agreed with the Government that our existing funding agreement will be extended until 25 February so that these discussions can be concluded. Working together, we must achieve a longer term capital funding settlement of at least three years that ensures London’s transport network can remain reliable and efficient, can support the jobs and new homes that rely upon it and can support the economic recovery of the capital and the country as a whole. We hope these discussions can be concluded successfully soon.”
