Announcements

2024/25

15 July 2024 - Transport for London Moody's Credit Rating

Transport for London ("TfL") announces that on 15 July 2024, Moody's Ratings ("Moody's") upgraded the long-term ratings for TfL to A2 from A3. The outlook has changed to stable from positive. Moody's also upgraded the short-term ratings for TfL to P-1 from P-2.

25 June 2024 - Publication of Offering Circular

Offering Circular dated 25 June 2024 (the "Offering Circular") relating to the Transport for London £5,000,000,000 Euro Medium Term Note Programme.

A copy of the Offering Circular is available for viewing on the TfL website borrowing programme page.

A copy of the Offering Circular will also be available for inspection on the National Storage Mechanism page on the FCA website.  

20 May 2024 - Transport for London S&P Global Ratings Credit Rating

Transport for London ("TfL") announces that on 20 May 2024, S&P Global Ratings upgraded the long-term rating for TfL to AA- from A+ and the short-term rating for TfL to A‑1+ from A-1. The outlook is stable.

2023/24

18 December 2023 - Capital Funding Settlement 

Transport for London ("TfL") announces that a capital funding settlement of £250m has been agreed between TfL and the Department for Transport ("DfT") to enable TfL to continue to deliver its current capital programme and its committed major capital projects, prioritising the first phase of the Piccadilly Line Upgrade.

The Long-Term Funding Settlement previously announced on 30 August 2022, which continues until 31 March 2024, recognised the need for Government to support major capital enhancements and major renewals, alongside TfL identifying cost reduction and generating new sources of revenue. This capital funding settlement provides that Government support for these projects in financial year 2024/25.

A copy of the letter setting out the capital funding packaged dated 18 December 2023 is available from the funding letters page.

15 November 2023 - Transport for London Moody's Investors Service

Transport for London ("TfL") announces that on 15 November 2023, Moody's Investors Service ("Moody's") upgraded the long-term rating for TfL to A3 from Baa1. The outlook has moved from stable to positive. Moody's confirmed the short-term rating for TfL remains P-2

28 September 2023 - Publication of Annual Report and Statement of Accounts

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2023. A copy of the Annual Report and Statement of Accounts has been submitted to the National Storage Mechanism and can also be downloaded from the Annual Report page.

7 June 2023 - Commissioner for Transport for London

The Mayor of London, Sadiq Khan and the Board of Transport for London (TfL) today confirmed the appointment of Andy Lord as London's new Transport Commissioner, following an international and competitive recruitment and selection process. Andy Lord will take up the role immediately. Andy has been undertaking the role of Commissioner of TfL on an interim basis since 25 October having been TfL's Chief Operating Officer for all of TfL's operations prior to that.

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2022/23

26 January 2023 - Transport for London Fitch Credit Rating

Transport for London ("TfL") announces that on 26 January 2023, Fitch Ratings ("Fitch") upgraded TfL's Long-Term Foreign- and Local- Currency Issuer Default Ratings ("IDRs") to 'AA-' from 'A+' and affirmed its Short-Term Foreign-Currency IDR at 'F1+'. The Outlooks are now Negative, reflecting those on the UK sovereign.

9 December 2022 -  Final Results of TfL Debt Tender Offer

TfL has released final results of its debt tender offer. Please see the following document for details of the announcement.

9 December 2022 -  Indicative Results of TfL Debt Tender Offer

TfL has released indicative results of its debt tender offer. Please see the following document for details of the announcement.

1 December 2022 -  TfL Launch of Debt Tender Offer

TfL has launched a debt tender offer. Please see the following document for details of the announcement.

13 October 2022 - Chief Finance Officer of Transport for London (TfL)

TfL announces that Rachel McLean, who is currently TfL's Finance Director for Operations and Chief Finance Officer of Crossrail, is appointed as Transport for London's managing Chief Finance Officer with effect from 31 October 2022, as a permanent appointment following the departure of Simon Kilonback in April 2022.

Rachel has previously been a Board Member and the Director General, Chief Financial Officer at the Ministry of Housing, Communities, and Local Government (as was) and, before that, Director of Planning, Performance and Finance at HMRC Customer Services.

TfL's Group Finance Director, Patrick Doig will remain as TfL's statutory Chief Finance Officer, a role he has held since May 2021.

28 September 2022 - Publication of Annual Report and Statement of Accounts

TfL has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2022. A copy of the Annual Report and Statement of Accounts has been submitted to the National Storage Mechanism and can also be downloaded from the Annual Report page.

22 September 2022 - Commissioner of Transport for London

TfL today announces that Andy Byford, Commissioner of TfL, will be leaving the organisation at the end of October 2022 to return to the United States having delivered against the priorities he set at the start of his tenure. Andy Lord, TfL's current Chief Operating Officer, will take on the role of Commissioner of TfL on an interim basis from 25 October. An update will be provided in due course.

30 August 2022 - Long Term Funding Settlement

TfL announces that a Long-Term Funding Settlement (the "Long-Term Funding Settlement") has now been agreed between TfL and the Department for Transport ("DfT") to support transport services in London until 31 March 2024. This funding settlement follows on from and replaces the extraordinary funding settlement between TfL and the DfT dated 25 February 2022, known as the Fourth Funding Package, which recently came to an end.

The Long-Term Funding Settlement contains support agreements for passenger revenue risk as well as capital and operating support.

In relation to revenue risk, the Long-Term Funding Settlement recognises that since the relaxation of Covid-19 restrictions, the current circumstances continue to present ongoing financial challenges and uncertainty to TfL in predicting the future passenger revenue for the organisation, therefore the Government will retain passenger revenue risk and make grant payments if passenger revenue is lower than the pre-determined forecast.

For capital and operational support, the Government will fund the difference between TfL's costs and revenue up to an agreed annual envelope. The overall funding amount will be £598m for the period 30 August 2022 to 31 March 2023 and £565m for 2023/24.

TfL is continuing to target financial sustainability from April 2023 and is therefore working towards being financially sustainable ahead of the end of the Long-Term Funding Settlement on 31 March 2024.

A copy of the Long-Term Funding Settlement dated 30 August 2022 is available from the funding letters page.

3 August 2022 - Government Funding Discussions

TfL announces that the current funding extension in relation to TfL's extraordinary funding and financing agreement ended at midday 03 August 2022. Discussions with the Department for Transport in relation to our future funding requirements are ongoing and TfL remains in a position to meet its operational and contractual obligations in the near term, while discussions conclude. TfL will provide an update in due course.

2 August 2022 - Government Funding Discussions

TfL announces that discussions with the Department for Transport (the "DfT") in relation to our future funding requirements are ongoing and that TfL remains in a position to meet its operational and contractual obligations in the near term, while discussions conclude.

On 22 July 2022 TfL announced that DfT had provided TfL with a draft proposal for a Long Term Funding Settlement, the terms of such proposal being subject to agreement and that TfL would  review the proposal..

On 28 July 2022 TfL announced that  the current extraordinary funding and financing agreement between TfL and the DfT had been extended to Midday on 03 August 2022.

TfL continues to review the draft DfT proposal and discuss funding requirements with DfT for the period beyond Midday on 03 August 2022, and will provide an update in due course.

28 July 2022 - Government Funding Discussions

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to Midday on 03 August 2022.

On 25 February 2022 TfL announced that a funding and financing package (the "Fourth Funding Package") had been agreed between TfL and the Department for Transport to support transport services in London for the period from 26 February 2022 to 24 June 2022, which was subsequently extended to 13 July 2022. TfL then announced on 13 July 2022 that the Fourth Funding Package had been extended to 28 July 2022. This followed on from the package announced on 1 June 2021, which was subsequently extended to 25 February 2022.

The original terms of the funding package announced on the 1 June 2021 can be found in the settlement funding letter dated 1 June 2021. 

The terms of the Fourth Funding Package announced on the 25 February 2022 can be found in the settlement funding letter dated 25 February 2022. 

On 22 July 2022 TfL announced that DfT had provided TfL with a draft proposal for a Long Term Funding Settlement, the terms of such proposal being subject to agreement and that TfL would  review the proposal. TfL continues to review the draft proposal and as previously announced will provide a further update in due course.

22 July 2022 - Long Term Funding Settlement

TfL announced on 13 July 2022 that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") had been extended to 28 July 2022.

This evening 22 July 2022 DfT provided TfL with a draft proposal for a Long Term Funding Settlement.  

The terms of the proposal are subject to agreement and TfL will now review it and provide a further update in due course.

13 July 2022 - Government Funding Discussions

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 28 July 2022.

On 25 February 2022 TfL announced that a funding and financing package (the "Fourth Funding Package") had been agreed between TfL and the Department for Transport to support transport services in London for the period from 26 February 2022 to 24 June 2022, which was subsequently extended to 13 July 2022. This followed on from the package announced on 1 June 2021, which was subsequently extended to 25 February 2022.

The original terms of the funding package announced on the 1 June 2021 can be found in the settlement funding letter dated 1 June 2021. 

The terms of the Fourth Funding Package announced on the 25 February 2022 can be found in the settlement funding letter dated 25 February 2022. 

24 June 2022 - Government Funding Discussions 

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 13 July 2022.
 
On 25 February 2022 TfL announced that a funding and financing package (the "Fourth Funding Package") had been agreed between TfL and the Department for Transport to support transport services in London for the period from 26 February 2022 to 24 June 2022. This followed on from the package announced on 1 June 2021, which was subsequently extended to 25 February 2022.

The original terms of the funding package announced on the 1 June 2021 can be found in the settlement funding letter dated 1 June 2021. 

The terms of the Fourth Funding Package announced on the 25 February 2022 can be found in the settlement funding letter dated 25 February 2022. 

23 June 2022 - Government Funding Discussions

TfL announces that discussions with the Department for Transport (the "DfT") in relation to our future funding requirements are ongoing and that TfL remains in a position to meet its operational and contractual obligations in the near term, while discussions conclude.

On 25 February 2022 TfL announced that a funding and financing package  had been agreed between TfL and the Department for Transport to support transport services in London for the period from 26 February 2022 to 24 June 2022. This followed on from the package announced on 1 June 2021, which was subsequently extended to 25 February 2022.

TfL continues to discuss funding requirements with DfT for the period beyond 24 June 2022 and will provide an update in due course.

9 May 2022 - Transport for London Moody's Credit Rating

Transport for London ("TfL") announces that on 9 May 2022, Moody's Public Sector Europe ("Moody's") downgraded the long-term rating for TfL to Baa1 from A3. The outlook has moved from negative to stable.

Moody's confirmed the short-term rating for TfL remains P-2.

2021/22

16 March 2022 - Chief Finance Officer of Transport for London (TfL)

TfL announces that Group Finance Director, Patrick Doig, will report directly to TfL's Commissioner, Andy Byford, as an interim measure and is an alternative to appointing an interim Chief Finance Officer as had been announced on 4 March 2022. Patrick will also continue to be TfL's statutory Chief Finance Officer, a role he has held since May 2021.

As previously announced, Simon Kilonback will continue to act as managing Chief Finance Officer of TfL until he departs TfL in April 2022. A full recruitment process will take place to fill the managing Chief Finance Officer role permanently.

4 March 2022 - Chief Finance Officer of Transport for London (TfL)

TfL announces that Rachel McLean will no longer become TfL's interim Chief Finance Officer and a replacement officer will be appointed in due course.

TfL announced on 19 January 2022 that Rachel McLean would be TfL's interim Chief Finance Officer following the departure of Simon Kilonback in April 2022.  Rachel is no longer able to take on that role following medical advice and will remain as Chief Finance Officer, Crossrail Ltd and Finance Director, TfL Operations.  TfL will appoint a replacement interim Chief Finance Officer in due course and, as announced on 10 January 2022, Simon Kilonback will continue to act as managing Chief Finance Officer of TfL until he departs TfL in April 2022.

25 February 2022 - Government Support Package

TfL announces that a funding and financing package (the "Fourth Funding Package") has been agreed between TfL and the Department for Transport ("DfT") to support transport services in London for the period from 26 February 2022 to 24 June 2022 (the "Fourth Funding Period"). The Fourth Funding Package will contribute towards TfL's revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic.

The Fourth Funding Package comprises an Extraordinary Support Grant of £200m payable under section 101 of Greater London Authority Act 1999, paid in three instalments commencing on 29 April 2022. In addition, the Fourth Funding Package recognises that since the relaxation of Covid-19 restrictions the current circumstances continue to present ongoing financial challenges and uncertainty to TfL in predicting the future passenger revenue for the organisation, hence the Government will "top up" TfL's revenues with additional grant payments if they are lower than a pre-determined passenger revenue forecast. Conversely, if TfL's revenues are higher than the pre-determined passenger revenue forecast, TfL will be required to pay that excess to DfT at the end of the Fourth Funding Period. This provides TfL with certainty that it will receive income equivalent to £1.615bn in passenger revenue over the Fourth Funding Period in addition to the Extraordinary Support Grant of £200m.

As part of the Fourth Funding Package, TfL commits to deliver a plan by 31 March 2022 demonstrating the options that exist to achieve up to £400m of additional revenue or cost savings in 2022/23, in addition to delivering the previously agreed operating cost savings for the 2021/22 financial year. DfT acknowledges that TfL is facing further cost pressures in 2022/23 and therefore any proposals presented in this plan and the savings level of £400m will be considered and confirmed following a review of TfL's 2022/23 budget. 

The Fourth Funding Package recognises that, in line with the current liquidity policy, TfL should continue to maintain cash reserves of an average of £1.2bn throughout the Fourth Funding Period. If during the Fourth Funding Period TfL's cash balances rise above an average of £1.2bn, then grant payments may, subject to consultation, be varied and/or deferred until such time as TfL's cash balances return to an average of £1.2bn. If at the end of the Fourth Funding Period TfL's cash balances exceed £1.3bn, there will be a process to adjust final payments made to TfL, by DfT, to account for this.

Government state a willingness in the short and medium term to provide grant funding for renewals and enhancements and will work towards an agreement for long-term capital support with an expectation that this agreement will be reached by 31 March 2022.The Fourth Funding Package includes a number of conditions, which includes the continuation and further development of initiatives commenced under previous funding agreements with DfT.

21 February 2022 - Government Funding Discussions

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 25 February 2022. 

On 1 June 2021, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package initially provided support for the period from 29 May 2021 to 11 December 2021 and was subsequently extended.

On 17 December 2021 TfL announced that the terms of the Funding Package had been amended to extend the funding period to 4 February 2022, which was subsequently extended to the 18 February 2022, to allow TfL to continue discussions with the government in relation to further financial support.

Following further discussion, the terms of the Funding Package have now been amended to define the funding period as 29 May 2021 to 25 February 2022. Other provisions of the Funding Package remain materially the same, including the Top Up Grant mechanism, pursuant to the terms of the Funding Package.

The original terms of the Funding Package announced on 1 June 2021 can be found in the funding letter

19 February 2022 - Government Funding Discussions

TfL announces that discussions with the Department for Transport (the "DfT") in relation to our future funding requirements are ongoing and that TfL remains in a position to meet its operational and contractual obligations in the near term, while discussions conclude.

On 1 June 2021, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package initially provided support for the period from 29 May 2021 to 11 December 2021 and has subsequently been extended to 18 February 2022.

TfL continue to discuss funding requirements with DfT for the period beyond 18 February 2022, and will provide an update in due course.

4 February 2022 - Government Funding Discussions

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 18 February 2022.

On 1 June 2021, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package initially provided support for the period from 29 May 2021 to 11 December 2021 and was subsequently extended.

On 17 December 2021, TfL announced that the terms of the Funding Package had been amended to extend the funding period to 4 February 2022, to allow TfL to continue discussions with the government in relation to further financial support.

Following further discussion, the terms of the Funding Package have now been amended to define the funding period as 29 May 2021 to 18 February 2022. Other provisions of the Funding Package remain materially the same, including the Top Up Grant mechanism, pursuant to the terms of the Funding Package.

The original terms of the Funding Package announced on 1 June 2021 can be found in the funding letter.

19 January 2022 - Chief Finance Officer of Transport for London (TfL)

TfL announces that Rachel McLean, who is currently TfL's Finance Director for London Underground and Engineering and Chief Finance Officer of Crossrail, will be Transport for London's interim Chief Finance Officer following the departure of Simon Kilonback in April 2022, until a permanent appointment is made.

Rachel has previously been a Board Member and the Director General, Chief Financial Officer at the Ministry of Housing, Communities, and Local Government (as was) and, before that, Director of Planning, Performance and Finance at HMRC Customer Services.

10 January 2022 - Chief Finance Officer of Transport for London (TfL)

TfL announces that Simon Kilonback, managing Chief Finance Officer of TfL, has accepted the appointment of Chief Finance Officer of G.Network. Simon Kilonback will continue to act as managing Chief Finance Officer of TfL until he departs TfL in April 2022 and a successor will be appointed in due course.

17 December 2021 - Extension of Government Support Package

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 4 February 2022.

On 1 June 2021, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package initially provided support for the period from 29 May 2021 to 11 December 2021.

On 13 December 2021, TfL announced that the terms of the Funding Package had been amended to define the funding period as 29 May 2021 to 17 December 2021, to allow TfL to continue discussions with the government in relation to further financial support.

Following further discussion, the terms of the Funding Package have now been amended to define the funding period as 29 May 2021 to 4 February 2022. Other provisions of the Funding Package remain materially the same, including the Top Up Grant mechanism, pursuant to the terms of the Funding Package.

The original terms of the Funding Package announced on 1 June 2021 can be found in the funding letter.

13 December 2021 - Extension of Government Support Package

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 17 December 2021.

On 1 June 2021, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package initially provided support for the period from 29 May 2021 to 11 December 2021.

While TfL continues discussions with the government in relation to further financial support, the terms of the Funding Package have been amended to define the funding period as 29 May 2021 to 17 December 2021. All other provisions of the Funding Package will remain in place, including the Top Up Grant mechanism, pursuant to the terms of the Funding Package.

The terms of the Funding Package announced on 1 June 2021 can be found in the funding letter.

10 December 2021 - Government Funding Discussions

TfL announces that discussions with the Department for Transport (the "DfT") in relation to our future funding requirements are ongoing and that TfL remains in a position to meet its operational and contractual obligations in the near term, while discussions conclude.

On 1 June 2021, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package provided support for the period from 29 May 2021 to 11 December 2021.

TfL continues to discuss funding requirements with DfT for the period beyond 11 December 2021 and understands that Government intends to extend the current arrangements to 17 December 2021. We await confirmation of that extension and its terms.

6 August 2021 - Publication of Annual Report and Statement of Accounts

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2021.

A copy of the Annual Report and Statement of Accounts has been submitted to the National Storage Mechanism.

Copies can also be downloaded from our Annual Report page.

15 June 2021 - Transport for London Moody's Credit Rating

Transport for London ("TfL") announces that on 15 June 2021, Moody's Public Sector Europe ("Moody's") downgraded the long-term ratings for TfL to A3 from A1. The outlook remains negative. Moody's also downgraded the short-term ratings for TfL to P-2 from P-1.

1 June 2021 - Government support package

TfL announces that a funding and financing package (the "Funding Package") has been agreed between TfL and the Department for Transport ("DfT") to support transport services in London for the period from 29 May 2021 to 11 December 2021 (the "2021 Funding Period"). The Funding Package will contribute towards TfL's revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic.

The Funding Package comprises an Extraordinary Support Grant of £1.08bn payable under section 101 of Greater London Authority Act 1999, paid in six instalments commencing on 7 June 2021. In addition, the Funding Package recognises that there are material factors beyond TfL's control that give rise to a high level of uncertainty in forecasting passenger revenue during the 2021 Funding Period, particularly as Government guidance on dealing with the pandemic develops. Therefore, the Government will "top up" TfL's revenues with additional grant payments if they are lower than a pre-determined passenger revenue forecast. Conversely, if TfL's revenues are higher than the pre-determined passenger revenue forecast, TfL will be required to repay that excess at the end of the 2021 Funding Period. This provides TfL with certainty that it will receive income equivalent to £1.78bn in passenger revenue over the 2021 Funding Period in addition to the Extraordinary Support Grant of £1.08bn. This pre-determined passenger revenue scenario is broadly consistent with the revenue forecast in the TfL Budget for 2021/22, published in March 2021.

As part of the Funding Package, TfL commits to deliver savings and/or new income of at least £300m in 2021/22. However, when taking into account the amount of funding available to TfL in the Funding Package, there remains a funding shortfall compared with the TfL Budget for 2020/21. This means that TfL will, in practice, need to deliver savings and/or new income of around £900m over the course of the year. This is expected to be met through a combination of measures, including utilising cash reserves, additional non-passenger income and reduced or deferred costs. These additional savings are incremental to TfL's existing efficiency plans.

The Funding Package assumes that TfL will maintain useable cash reserves of £1.2bn throughout and at the end of the 2021 Funding Period, in line with TfL's current liquidity policy.

Over the course of the 2021 Funding Period, TfL will be supported by the DfT in implementing a programme of work that would allow TfL to reach a financially sustainable position as soon as possible, with a target of no later than April 2023 and a declining trajectory in the meantime of temporary Government grant support. TfL will also be required to make progress on longer term reforms which are likely to be implemented beyond 2023.

The programme of work will include the following initiatives (among others):

• identification and consultation on new or increased income sources for the value of between £0.5bn-£1.0bn per annum from 2023;
• a joint review of demand to inform future service level requirements and potential changes from 2022/23 onwards;
• preparation of a revised medium-term capital investment programme, which will be confirmed with Government through the 2021 Spending Review;
• a review of TfL's pension scheme and potential reform options with the aim of moving TfL's Pension Fund into a financially sustainable position;
• a DfT led joint programme on the implementation of Driverless Trains on the London Underground;
• a TfL plan for housing delivery through a dedicated commercial property company; and
• a joint review of options for longer term reform of the funding framework for TfL, including governance and oversight

18 May 2021 - Extension of Government Support Package

 

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 28 May 2021.

On 1 November 2020, TfL announced that an extraordinary funding and financing support package (the "H2 Funding Package") had been agreed between TfL and the Department for Transport ("DfT") to contribute towards TfL's forecast funding shortfall, arising from the loss of passenger revenue as a result of the coronavirus pandemic. The H2 Funding Package initially provided support for the period from 18 October 2020 to 31 March 2021. On 22 March 2021, TfL announced that the terms of the H2 Funding Package have been amended to define the funding period as 18 October 2020 to 18 May 2021.

While TfL continues discussions with the government with regards to further financial support, the terms of the H2 Funding Package have been amended to define the funding period as 18 October 2020 to 28 May 2021. All other provisions of the H2 Funding Package will remain in place.

TfL will receive an additional instalment of extraordinary grant support of £65m and a further Top Up Grant payment pursuant to the terms of the H2 Funding Package.

 The terms of the original H2 Funding Package can be found at: Funding letters

 

2020/21

22 March 2021 - Extension of Government Support Package

TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended by approximately 7 weeks.

On 1 November 2020, TfL announced that an extraordinary funding and financing support package (the "H2 Funding Package") had been agreed between TfL and the DfT to contribute towards TfL's forecast funding shortfall, arising from the loss of passenger revenue as a result of the coronavirus pandemic. The H2 Funding Package provides support for the period from 18 October 2020 to 31 March 2021.

While TfL continues discussions with the government with respect to the long-term funding, the terms of the H2 Funding Package have been amended to define the funding period as 18 October 2020 to 18 May 2021. All other provisions of the H2 Funding Package will remain in place.

TfL will receive two additional instalments of extraordinary grant support totalling £260m and a periodic top up payment pursuant to the terms of the H2 Funding Package. It is estimated that the top up payment will amount to approximately £225m depending on the actual passenger revenue over the period between 1 April 2021 and 18 May 2021.

The terms of the H2 Funding Package can be found in the settlement letter.

19 March 2021 - Government Support Package

On 1 November 2021, TfL announced that an extraordinary funding and financing support package (the "H2 Funding Package") had been agreed between TfL and the Department for Transport ("DfT") to contribute towards TfL's forecast funding shortfall, arising from the loss of passenger revenue as a result of the coronavirus pandemic. The H2 Funding Package provides support for the period from 18 October 2020 to 31 March 2021.

TfL continues discussions with the DfT with regards to TfL's need for further financial support and a long-term capital funding deal to enable a strong and robust recovery from the pandemic. On 18 March 2021, the DfT wrote to TfL proposing a short-term extension of the H2 Funding Package to 18 May 2021. TfL is currently reviewing the proposal and will respond in due course.

The terms of the H2 Funding Package can be found in the settlement letter.

1 December 2020 - Crossrail additional funding agreement

Transport for London ("TfL") announces today that an additional funding and financing package has been agreed between TfL, the Greater London Authority ("GLA") and Her Majesty's Government for the final phase of the Crossrail project.

On 21 August 2020, TfL announced that Crossrail Limited ("CRL") had advised that the central section of the Elizabeth line is expected to open during the first half of 2022. This remains subject to review and validation by TfL and the Department for Transport ("DfT") as sponsors of the Crossrail project. It was also announced that the cost to complete the Crossrail project is expected to exceed the £2.15bn financing package agreed between the DfT, the GLA and TfL in December 2018. CRL continues its work on reducing the shortfall, while further independent analysis of costs is ongoing.

It has now been agreed that, to address the shortfall, £825m of additional borrowing will be made available to the GLA by the DfT and passed to TfL as a grant for the purposes of the Crossrail project. This grant is intended to be provided to the Crossrail project once TfL's £750m loan facility, agreed as part of the previous £2.15bn financing package, is exhausted.

1 November 2020 - Government support package

TfL announces that a funding and financing support package (the "Funding Package") has been agreed between TfL and the Department for Transport ("DfT") to support transport services in London. The Funding Package will ensure funding is available to TfL to address its forecast funding shortfall, arising from the loss of passenger revenue as a result of the coronavirus pandemic.

The Funding Package will provide TfL with a core amount of £1bn for the period between 18 October 2020 and 31 March 2021 ("Support Period") and comprises the following:

1. An Extraordinary Support Grant of £905m payable under section 101 of the Greater London Authority (GLA) Act 1999; and
2. Incremental borrowing by TfL from the Public Works Loan Board of £95m. 

The above funding amounts assume that the passenger demand over the Support Period will stay at approximately 65% of pre-coronavirus levels. This is higher than the ridership assumptions in TfL's revised budget, published in July 2020, which forecast the funding shortfall of approximately £2bn for the second half of 2020/21.

In recognition of the high level of uncertainty in predicting the future passenger revenue over the Support Period, the Funding Package permits modification of the total amount of support up or down depending on actual passenger revenues. It is expected to provide approximately £1.8bn of funding based on the amount of passenger revenue assumed in TfL's revised budget, but this could increase if actual revenues are lower than that.

As part of the Funding Package, TfL will commit to contribute approximately £160m to the forecast funding shortfall in the form of additional income or savings through a mixture of lower capital and operating expenditure supported by stronger financial control measures.

Over the course of the support period, TfL and DfT will continue to work on long-term funding plans to ensure TfL's financial sustainability over the medium to long term.

Discussions on funding the additional costs to complete the Crossrail project (which are not included as part of this Funding Package) remain constructive.

 

22 October 2020 - Transport for London Moody's Credit Rating

Transport for London ("TfL") announces that on 21 October 2020, Moody's Public Sector Europe ("Moody's") downgraded the long-term ratings for TfL to A1 from Aa3 and changed the outlook to negative.

The rating action concludes the rating under review for downgrade initiated by Moody's on 2 June 2020.

TfL's short-term issuer and Commercial Paper ratings were affirmed at P-1.

 

16 October 2020 - Short-term Extension of Government Support Package

 

TfL has supported Government through the coronavirus pandemic and taken measures to reduce the spread of the virus and protect the public, by initially encouraging people to stay at home and avoid public transport unless making critical journeys. Subsequently, we have supported the Government's restart and recovery work and guidance on travel as it has adapted to the pandemic.

 

As a result of a significant reduction in passenger journeys, our revenues continue to be negatively affected compared to our latest business plan, as is reflected in our revised budget, approved by the Board on 29 July 2020. The exact future impact is difficult to forecast due to the uncertainty around the evolution of the pandemic and measures taken to prevent its spread.

 

On 15 May 2020, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and DfT to contribute towards TfL's forecast funding shortfall. The Funding Package was based on the assumption that the funding shortfall would be £1.6bn for the period 1 April 2020 to 17 October 2020. The agreement also recognised that further support measures will be required to enable TfL to maintain essential services and deliver a revised balanced budget over the remainder of the financial year.

 

In recent weeks TfL has been in constructive discussions with DfT in relation to support for the remainder of the year to 31 March 2021 and beyond. While these discussions are ongoing, it has been agreed that the existing Funding Package will be extended for a further two weeks and will continue to apply until 31 October 2020. As the actual funding shortfall to 17 October was less than £1.6bn, largely due to higher than anticipated ridership, the funding provided under the existing Funding Package can continue to be used and will remain sufficient while discussions continue throughout the next two weeks.

 

 

1 October 2020 - Governance of the Crossrail programme transfers to TfL

Delivery of the Elizabeth line is now in its complex final stages with a comprehensive plan to complete the railway focused on the remaining construction and systems integration, followed by intensive operational testing.

To align with this next phase of the programme the responsibility for the governance of the Crossrail programme has now moved to sit directly with TfL as operator and maintainer of the railway. TfL and the Department for Transport (DfT), joint sponsors of Crossrail, have worked closely with Crossrail Ltd (CRL) to agree the transition plan to move the project to TfL. This ensures that decision making between CRL and TfL is seamless and fully aligned during the critical final phases of the programme as the operational testing is undertaken and the remaining parts of the railway are completed and transferred to TfL.

The transition of governance will simplify responsibilities. High-level oversight will be provided by a Special Purpose Committee of the TfL Board, to be known as the Elizabeth Line Committee. This Committee will include members of the TfL Board and a special representative from the DfT as joint sponsor of the project. An Elizabeth Line Delivery Group comprised of senior members of TfL, London Underground and CRL, under the Chairmanship of Transport Commissioner Andy Byford will oversee the delivery of the project.

TfL also remains in constructive discussions with DfT about the funding of the additional costs to complete the railway.

 

21 August 2020 - Crossrail opening timetable and cost forecast update

On 23 July 2020 Transport for London ("TfL") announced that following the Crossrail Limited ("CRL") Board meeting held earlier that day, CRL had advised that the opening of the central section of the Elizabeth line would not occur during summer 2021 and that the cost to complete the Crossrail project was expected to be higher than previously announced on 8 November 2019.

CRL has continued to work on a plan to drive the Crossrail project to completion and, although some details are still to be finalised, has provided an initial proposal to its sponsors (TfL and the Department for Transport ("DfT")) that indicates the central section of the Elizabeth line opening during the first half of 2022. CRL's proposal is not a confirmed opening window and remains subject to review and validation by TfL and DfT as sponsors of the Crossrail project.

The current £2.15bn financing package for the Crossrail project was agreed between the DfT, the Greater London Authority and TfL in December 2018 (the "Financing Package"). CRL has continued to assess the potential range of costs associated with the proposed opening window and the CRL Board has advised that, based on its latest proposal, the cost to complete the Crossrail project is currently expected to be up to £1.1bn above the Financing Package. CRL will continue to review the cost schedule and update its sponsors as appropriate.

TfL and DfT are in discussion regarding how funding of the additional costs will be resolved, while the Financing Package remains in place. The delay in the opening of the Elizabeth line will have a negative impact on TfL's revenues. These are as yet unquantified but will be considered as part of TfL's wider financial planning activities.

TfL also remains in constructive discussions with Government about how the impact of the COVID-19 virus on TfL's finances will be managed.

 

14 August 2020 - Publication of Annual Report and Statement of Accounts

 

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2020.

 

A copy of the Annual Report and Statement of Accounts has been submitted to the National Storage Mechanism.

 

Copies can also be downloaded from our Annual Reports - past years page.

 

 

23 July 2020 - Crossrail opening timetable and cost forecast update

Transport for London ("TfL") has been significantly affected by the Covid-19 pandemic across its services and activities. On 15 May 2020 TfL announced that following a substantial reduction in passenger revenues, a funding and financing support package had been agreed between TfL and the Department for Transport ("DfT"). Over the course of the pandemic TfL took steps to mitigate the spread of the virus, including the implementation of "Safe Stop", pausing activity on all non-critical construction sites, including the Crossrail project. Most of these activities have since resumed with special safety measures in place.

Crossrail Limited ("CRL") has been working on a recovery plan to address the challenges caused by Covid-19 and drive the project to its completion. While this work is still ongoing, TfL has been advised following the CRL Board meeting today that the opening of the central section will not occur during the summer 2021 window previously announced on 10 January 2020 and that further time will be required. However, the schedule is subject to further development and includes considering mitigations as part of the ongoing work on the recovery plan and a more comprehensive update is expected in due course. Any potential financial impact to TfL's passenger revenues will form part of TfL's overall financial planning, alongside Covid-19 financial impacts across its business generally.

The current £2.15bn financing package for the Crossrail project was agreed between the DfT, the Greater London Authority and TfL in December 2018 (the "Financing Package"). The latest projections suggest that the cost to complete the Crossrail project (including risk contingency) is expected to be higher than the potential increase of between £400m and £650m above the Financing Package previously announced on 8 November 2019. In conjunction with the refinement of the remaining work schedule, the extent of any cost increases is being ascertained alongside potential mitigations, before being validated and confirmed in due course.

TfL and DfT are in discussion regarding how funding of these additional costs will be resolved, while the Financing Package remains in place.

2 June 2020 - Transport for London Moody's Credit Rating

Transport for London ("TfL") announces that on 2 June 2020, Moody's Investor Services ("Moody's") has placed its Aa3 long-term ratings on review for downgrade. Moody's has also downgraded TfL's baseline credit assessment to a3 from a2 and affirmed TfL's P-1 short-term ratings.

27 May 2020 - Commissioner of Transport for London

The Mayor of London, Sadiq Khan and the Board of Transport for London today confirmed the appointment of Andy Byford as London's new Transport Commissioner, following an international recruitment and selection process. Andy Byford will take up the role on 29 June 2020, with the current Commissioner, Mike Brown MVO, staying on until 10 July 2020 to hand over and aid Andy Byford's start in the role. Mike Brown will then take up a position as Chair of the Delivery Authority for the Restoration and Renewal of the Houses of Parliament.

Andy Byford's most recent role was President and Chief Executive Officer of New York City Transit Authority, where he was responsible for 50,000 staff and devised a $40bn five-year investment plan to renew the city's transport system.

22 May 2020 - Transport for London Fitch Credit Rating

Transport for London ("TfL") announces that on 22 May 2020, Fitch Ratings ("Fitch") downgraded TfL's Long-Term Foreign- and Local- Currency Issuer Default Ratings ("IDRs") to 'A+' from 'AA-'. The Outlooks are Stable. At the same time, Fitch affirmed the 'F1+' Short-Term IDR of TfL.

22 May 2020 - Transport for London Standard and Poor's Credit Rating

Transport for London ("TfL") announces that on 22 May 2020, Standard and Poor's Global Ratings ("S&P") downgraded its issuer credit ratings to 'A+/A-1' from 'AA-/A-1+'. The outlook is negative.

15 May 2020 - Financial impact of COVID-19 and Government support package

Since mid-March, when the Government's lockdown measures to respond to the COVID-19 pandemic were implemented, Transport for London ("TfL") has continued to run a transport service so essential journeys can be made across London. As a result of the lockdown measures, passenger demand has declined steeply, with a 95 per cent reduction in journeys on London Underground, and an 85 per cent reduction in journeys on London's buses. This has caused an overall operating income loss of around 90 per cent including non-passenger incomes, such as advertising revenue.

It is expected that the recovery will take some time and that passenger income will continue to be severely impaired after the strict response measures are gradually eased. While TfL has taken actions to reduce its costs during this period, through measures such as implementing the Government's Coronavirus Job Retention Scheme and a safe stop of non-essential construction projects, the severity of the impact is such that it will not be able to fully mitigate the loss without external support.

In the context of the legal requirement for a balanced budget, TfL has prepared an interim view of its forecast financial position, assuming the prioritisation of essential services and activities. This interim view is based on revenue modelling that reflects TfL's understanding of Government's COVID-19 scenarios. It presents a funding gap of up to £1.9bn in the first half of 2020/21 and over £3.0bn over the full year.

TfL announces that, after a period of discussions, an extraordinary funding and financing support package (the "Funding Package") has been agreed between TfL and the Department for Transport ("DfT") to contribute towards TfL's forecast funding shortfall. The Funding Package is based on the assumption that the funding shortfall will be £1.6bn for the period 1 April 2020 to 17 October 2020 and comprises:

1. Extraordinary Support Grant of £1.095bn payable under section 101 of the Greater London Authority (GLA) Act 1999 (the "Grant"); and
2. Incremental borrowing by Transport for London from the Public Works Loan Board of £505m (the "PWLB loan"). 

However, given the uncertainties in predicting demand, if the actual funding shortfall for such period is greater or less than £1.6bn, then the amount of the Grant and the PWLB loan will increase or decrease proportionately, up to a maximum of £1.9bn in aggregate. The funding requirement will be kept under review throughout the period to 17 October 2020.

In recognition that the current circumstances are likely to present ongoing financial challenges, a combination of future measures from TfL, Greater London Authority and the Government will be implemented to enable TfL to maintain essential services and deliver a revised balanced budget over the remainder of the financial year. 

During the period in which the Funding Package is being provided to TfL, appropriate governance and oversight arrangements will be put in place, allowing the parties to work closely together.

With respect to the Crossrail project, the existing funding package agreed in December 2018 will continue to apply. TfL and DfT as joint sponsors will make all reasonable efforts to complete the project as soon as practicable and will continue to work on identifying the additional funding that will be needed for completion.

1 April 2020 - Fitch has placed Transport for London on Rating Watch Negative

Transport for London ("TfL") announces that, reflecting the downgrade by Fitch Ratings Limited ("Fitch") of the UK's Issuer Default Rating ("IDR") on 27 March 2020, Fitch has placed TfL's IDR on Rating Watch Negative.

Following the rating action on the UK sovereign, TfL's rating is equalised with that of the sovereign under Fitch's Government Related Entity Criteria. Nevertheless, Fitch has announced that they will reassess TfL's standalone credit profile to determine the impact of the coronavirus outbreak on its finances. Fitch will assess the Government support in light of the severe impact on TfL's operations and analyse how this may mitigate any significant deterioration in TfL's financial profile which may in turn impact its IDR.

2019/20

20 March 2020 - Further COVID-19 and Commissioner update

Transport for London (TfL) is acting on the Government's direction in response to the COVID-19 virus that all transport services and travel should now be solely focused on ensuring critical workers can move around as needed. People should not be using public transport or travelling for anything other than essential journeys. As a result of this, passenger journeys on London Underground have fallen by approximately 70 per cent and are likely to fall further. Journeys on London's buses have reduced by around 40 per cent and are likely to fall further with school closures.

The financial impact of the reduction in our services and other business interruption caused by the response to COVID-19 virus is part of the collective national and global fight to control the spread of COVID-19 and to protect the NHS and other critical public services. TfL is in constructive discussions with Government about how that impact will be managed. 

TfL also announces that considering these unprecedented events, Mike Brown MVO, Commissioner of TfL, whom TfL announced on 17 October 2019 had accepted another appointment outside TfL, will now continue as Commissioner to lead TfL through the coming months. 

16 March 2020 - Update on the financial impact of coronavirus

Transport for London (TfL) issues an update on how the Covid-19 virus has affected its passenger numbers and how it intends to utilise its reserves to manage the forecast initial financial impact. This assessment has been based on Government scenarios for the impact of the virus on households over a number of weeks.

An underlying softness in demand and passenger revenue, largely caused by economic uncertainty, had been experienced by TfL since October 2019, with both London Underground and bus revenues trending at around two per cent below the previous year. During February 2020 TfL's revenue was further affected by three significant storms and a period of prolonged bad weather. This fluctuation was within TfL's usual financial forecasting tolerances.

In the week commencing 2 March 2020 further reductions in ridership became apparent, coinciding with growing public awareness of the Covid-19 virus, starting with modest reductions in ridership of around two per cent compared to the same period in the previous year. Since then, a growing number of firms and individuals have changed their travel behaviour, with greater numbers of people working from home. This has led to an acceleration in the reduction in passenger numbers to around 19 per cent on London Underground and 10 per cent on buses compared to the same week the previous year, with days later in the week showing reductions larger than that average.

This is an evolving situation and the financial impact is difficult to predict. This will depend on the duration and severity of the spread of the Covid-19 virus. TfL's current forecast, based on government scenarios, suggest that this could be a reduction in passenger income of up to £500m.

TfL's financial policies require it to keep a minimum cash balance of approximately £1.2bn to provide liquidity to absorb sudden financial shocks. Above this, TfL aims to hold a further £600m for other strategic risks, for example sudden reductions in passenger numbers due to pandemic. These reserves are actively monitored and managed in order to protect day to day operations.

TfL's current cash balance of over £2bn is well above the required minimum and allows the initial impact of Covid-19 to be managed. TfL will consider further measures, including budgetary flexibility, to ensure it maintains its financial resilience.

TfL is following and communicating advice from Public Health England, including that there is no specific risk on public transport, and has stepped up the cleaning regime on its services and in its work environments beyond the already existing high standards.

TfL is also planning what it needs to do to recover once the pandemic has subsided.

24 January 2020 - Publication of Prospectus Supplement

The following prospectus supplement has been approved by the United Kingdom Financial Conduct Authority and is available for viewing.

Prospectus Supplement dated 24 January 2020 (the "Supplement") relating to the Transport for London £5,000,000,000 Euro Medium Term Note Programme.

Prospectus Supplement should be read and construed in conjunction with the base prospectus dated 12 July 2019 as supplemented by the first supplement dated 5 August 2019 (the "First Supplement") (together with the First Supplement and the Supplement, the "Base Prospectus").

 A copy of the Supplement is available for viewing on the Borrowing programme documents page.

10 January 2020 - Crossrail opening timetable update

Crossrail Limited ("CRL") today issued an update on progress to complete the Elizabeth line and confirmed that it plans to open the central section between Paddington and Abbey Wood in summer 2021. It is expected that, following the opening of the central section, full services across the Elizabeth line route from Reading and Heathrow in the west to Abbey Wood and Shenfield in the east will commence by mid-2022.

This latest assessment by CRL of the opening dates is within the range of modelling scenarios assumed in TfL's 2019 Business Plan. As announced on 20 November 2019, the approximate reduction in forecast revenues compared to TfL's 2018 Business Plan is still expected to be between £500m and £750m spread across the next four financial years, with most of the impact forecast in 2021/22 and 2022/23.

20 November 2019 - Crossrail revenue forecast update

Further to Crossrail Limited ("CRL") recently advising TfL of projected delays in the opening of the Elizabeth line, TfL has been working on modelling scenarios in relation to potential passenger revenue impact.

On 8 November 2019, TfL announced that CRL's latest assessment was that the opening of the central section will not occur in 2020, but that the Elizabeth line will open as soon as practically possible in 2021. A more comprehensive update is expected early in 2020.

While awaiting further clarity on the opening dates, TfL has been modelling the potential impact on forecast revenues, consistent with the scenarios used for the additional capital costs announced on 8 November 2019. The approximate reduction in forecast revenues compared to TfL's 2018 Business Plan is expected to be between £500m and £750m spread across the next four financial years, with most of the impact forecast in 2021/22 and 2022/23. These current revenue impact assumptions will be fully addressed in TfL's 2019 update to its Business Plan, which is due to be published in December.

TfL continues to keep the Mayor of London and TfL Board regularly updated.

23 December 2019 - Fitch has affirmed TfL's rating and removed it from Rating Watch Negative

On 23 December 2019, Fitch Ratings ("Fitch") affirmed TfL's Long-term Foreign- and Local-Currency Issuer Default Rating ("IDRs") at 'AA-' and removed it from Rating Watch Negative ("RWN"). The outlook is Stable.

The removal of the rating from RWN reflects the affirmation of the UK's 'AA' IDRs on 17 December 2019.

The action follows the application of Fitch's "Government-Related Entities Rating Criteria" ("GRE") methodology, under which when the assessment of support is strong (as is the case for TfL), the primary driver of the GREs' IDR will be the rating of the supporting government. The Stable Outlook reflects Fitch's expectation that a single-notch downgrade of the UK sovereign would have no impact on TfL's 'AA-' lDR.

8 November 2019 - Crossrail opening and cost forecast update

Crossrail Limited ("CRL") advised TfL that there are some projected delays in the opening of the Elizabeth line and it is likely that additional funding would be required to cover the higher levels of risk contingency.

On 10 December 2018, TfL announced a financing package provided by the Department for Transport, the Greater London Authority and TfL to support the final stages of the Crossrail project and open the Elizabeth line to passengers (the "Financing Package").

On 18 September 2019, TfL announced a range of risk contingency provisions contained in CRL's cost forecasts, reflecting project uncertainties. The latest projections now show a central cost forecast (including risk contingency) of approximately £15,363m, which is £400m more than the funding committed under the Financing Package. Further modelling scenarios consider even higher levels of risk of £650m more than the funding committed under the Financing Package.

TfL has agreed with the Department for Transport ("DfT") that the Financing Package will remain in place. TfL and DfT are in discussion regarding how funding of these additional costs will be resolved.

TfL has been advised by CRL that their latest assessment is that the opening of the central section will not occur in 2020 which was the first part of the previously declared opening window. The Elizabeth line will open as soon as practically possible in 2021. A more comprehensive update is expected early in 2020. In the meantime, any potential financial impacts to TfL's passenger revenues will be considered in TfL's 2019 update to its Business Plan.

TfL continues to keep the Mayor of London and TfL Board regularly updated.

17 October 2019 - Commissioner of Transport for London (TfL)

TfL today announces that Mike Brown MVO, Commissioner of TfL, has accepted the appointment of Chair of the Delivery Authority for the Restoration and Renewal of the Houses of Parliament. Mike Brown will continue to act as Commissioner of TfL until he starts his new role in May 2020. A full recruitment for a replacement Commissioner will commence in due course.

18 September 2019 - Crossrail opening and cost forecast remain on track

Crossrail Limited ("CRL") today confirmed to the TfL Board that it remains on track to open the Elizabeth line within the October 2020 to March 2021 window previously identified, and that no additional funding is needed at this time.

On 10 December 2018, TfL announced a financing package provided by the Department for Transport, the Greater London Authority ("GLA") and TfL to support the final stages of the Crossrail project and open the Elizabeth line to passengers (the "Financing Package").

At the TfL Board meeting it was noted that CRL is now delivering against a new detailed delivery schedule that has been agreed by its Board, with significant recent milestones achieved including the handover of major assets to TfL such as Mile End Shaft and Victoria Dock Portal; and the removal of construction hoardings at Farringdon station. Significant and complex work is still necessary before the Elizabeth line can open to passengers and, while the project remains within the agreed delivery window, there is still a high level of uncertainty remaining in the Crossrail project programme.

To reflect this uncertainty, CRL's cost forecasts contain additional risk contingency provisions. Current projections show a central cost forecast (including risk contingency) of £15,005m, which is £42m more than the funding committed under the Financing Package. Additional modelling scenarios include a significantly higher level of risk contingency, up to £394m more than the committed funding, and opening later in 2021. CRL has further work to do to fully develop its cost forecasts and risk mitigation actions including quantifying the potential savings that could arise from their implementation. No additional funding has been requested and through appropriate cost control and risk mitigation strategies, delivery can be achieved within the Financing Package.

TfL will work with the Department for Transport, as joint sponsors, and the GLA to conduct contingency planning for the event that the identified risks are not mitigated sufficiently and additional funding in excess of the Financing Package is required in due course and will continue to keep the Mayor of London and TfL Board regularly updated. Any potential material financial impact will be reflected in TfL's 2019 update to its Business Plan, which is due to be published later this autumn.

5 August 2019 - Publication of Prospectus Supplement

The following prospectus supplement has been approved by the United Kingdom Financial Conduct Authority and is available for viewing: Prospectus Supplement dated 5 August 2019 (the "Supplement") relating to the Transport for London £5,000,000,000 Euro Medium Term Note Programme.

Prospectus Supplement should be read and construed in conjunction with the base prospectus dated 12 July 2019 (together with the Supplement, the "Base Prospectus"). A copy of the Supplement is available for viewing on the Borrowing programme documents page.

1 August 2019 - Publication of Annual Report and Statement of Accounts

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2019.

A copy of the Annual Report and Statement of Accounts is available for download on the Annual Reports - past years page.

12 July 2019 - Publication of Prospectus

Base Prospectus dated 12 July 2019 (the "Base Prospectus") relating to the Transport for London £5,000,000,000 Euro Medium Term Note Programme

A copy of the Base Prospectus is available for viewing on the Borrowing programme documents page.

A copy of the Base Prospectus and the documents incorporated by reference therein have been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM

25 April 2019 - Elizabeth Line Opening Programme

Over the past few months Crossrail Limited (a wholly owned subsidiary of Transport for London (TfL)) has been reviewing the delivery programme for the Elizabeth line and developing the related cost profile.

TfL expects, based on the work undertaken to date by Crossrail Limited, to open the central section of the Elizabeth line within a six month window with a midpoint at the end of 2020. It is expected that all stations on the route will open except for Bond Street which will be delayed because of design and delivery challenges. Once the central section opens, full services across the Elizabeth line from Reading and Heathrow in the west to Abbey Wood and Shenfield in the east, will commence as soon as possible.

Crossrail Limited has advised TfL that at the date of this announcement the capital costs to complete the central section of the Elizabeth line are expected to remain within the available funding package agreed between the Department for Transport, the Greater London Authority and TfL in December 2018.

An opening date within the period outlined by Crossrail Limited is expected to have no material impact on TfL's revenues in the current financial year (2019/20). As Crossrail Limited continues to refine its plans for completing and opening the Elizabeth line, TfL will continue to assess the potential net impact on its financial position. Any potential material financial impact beyond 2019/20 will be reflected in TfL's 2019 update to its Business Plan, in accordance with TfL's legal requirement for a balanced budget.

2018/19

26 February 2019 - Fitch has placed TfL on Ratings Watch Negative

Transport for London ("TfL") announces that, reflecting the placement by Fitch Ratings Limited ("Fitch") of the United Kingdom's 'AA' Long-term Foreign- and Local-Currency Issuer Default Rating (IDRs) on Rating Watch Negative ("RWN") on 20 February 2019, Fitch has also placed TfL's 'AA-' Long-term Foreign and Local-Currency IDRs and 'AA-' senior unsecured long-term rating on RWN.

The RWN of the UK indicates a heightened probability of a downgrade in the near term. Fitch will look to resolve the RWN of the UK during the first half of this year, in light of the UK's scheduled exit from the EU. TfL expects its RWN to be resolved in a similar timeframe.

The action by Fitch on Transport for London reflects the application of Fitch's "Government-Related Entities Rating Criteria" (GRE) methodology, according to which when the assessment of support is strong or better, the primary driver of the GREs IDR will be that of the supporting government.

TfL's short-term IDR and senior unsecured short-term ratings of 'F1+' are unaffected.

20 December 2018 - Credit Rating Affirmed by S&P

On 20 December 2018, S&P Global Ratings (S&P) affirmed its 'AA-/A-1+' issuer credit ratings on Transport for London (TfL) and changed the outlook to 'negative' from 'stable'.

S&P put the ratings on CreditWatch negative on 5 September 2018, shortly after the announcement of the delay in opening of the Elizabeth Line. S&P's decision to affirm the credit ratings and remove them from CreditWatch negative follows the recent announcement of a financing package to cover additional capital costs related to the delayed opening of the Elizabeth line and the publication of TfL's Business Plan.

Further information can be found in S&P's Research Update on Transport for London published on 20 December 2018.

11 December 2018 - 2018 Business Plan

Transport for London (TfL) has today published its updated Business Plan, which covers the period from 2018/19 to 2023/24. The plan covers a number of changes compared to the 2017 Business Plan, including the financing agreement with government covering Crossrail Limited's cost overrun and the high level impact of the Elizabeth Line delay on TfL's expected income.

Pending the completion of the work to deliver a credible and robust schedule for the opening of the Elizabeth line, the plan includes a cautious planning assumption that the delay will reduce our previous revenue forecast by approximately £0.2 billion in 2019/20, £0.3 billion in 2020/21 and £0.1 billion in 2021/22. This is expected to be offset by continuous savings and revenue growth programmes and allocating a small proportion of business rates funding to operating expenditure.

Because of the delay to the opening of the Elizabeth line, a subdued economy and the removal of Government operating grant, TfL is now forecasting to achieve a surplus on its net cost of operations in 2022/23, one year later than planned.

The Business Plan will be presented for approval to TfL's Finance Committee at a planned meeting on Thursday 13 December 2018.

A copy of the 2018 Business Plan is available for download from the Budget and Business Plan page.

10 December 2018 - New financing agreement for the Crossrail project

New financing agreement for final stages of the Crossrail Project:

Transport for London ("TfL") announces that, after a period of negotiation, the financing package for Crossrail Limited has been agreed between TfL, the Greater London Authority ("GLA") and Her Majesty's Government, allowing completion of the Crossrail Project.

Crossrail Limited announced in August 2018 that it expects the Elizabeth line to open through central London in autumn 2019, rather than December 2018, with a revised delivery schedule needed to complete the final infrastructure and extensive testing to ensure the railway opens safely and reliably.

Independent reviews into Crossrail Limited's financial and governance arrangements to ensure the right scrutiny and oversight are in place as the project enters its final phase, and that Crossrail Limited's financial and schedule projections are robust, are nearing completion.

The emerging findings of the independent review into Crossrail Limited's finances indicate the likely capital cost impact of the delay to the project announced in August 2018 could be in the region of between £1.6 billion and £2.0 billion. That includes the £300 million already contributed by TfL and the Department for Transport ("DfT") following an announcement in July 2018, leaving an estimated £1.3 billion to £1.7 billion to complete the project. 

The agreed financing package has been designed to cover this as follows:

a) an initial £1.4 billion will be funded by the GLA and passed to TfL as grant for the purposes of the Crossrail Project; and

b) a further contingency loan facility with a total value of between £350 million and £750 million will be made available to TfL directly by the DfT, should the higher end of the estimated cost range be realised. 

TfL, the GLA and the DfT will continue to work together to finalise the documentation and terms required for the financing to be drawn. As part of the arrangements, and given this financing package is designed to support the project to completion, certain existing triggers for exercise of the Put and Call options, allowing for the transfer of the Crossrail Project from TfL to DfT in certain circumstances, will be removed.

The interim financing of £350 million announced in October 2018 by Her Majesty's Government is superseded by this funding and financing package. DfT will continue to be responsible for the funding of the additional Network Rail works.

New management joined the Crossrail project in November and has been reviewing the work still required to complete the core stations and tunnel infrastructure and begin the critical safety testing. The opening date could not be currently committed to and will be confirmed once a comprehensive update to the overall work programme is completed.

As a result of the delay in the opening of the Elizabeth line services, TfL will see a reduction in its estimated passenger revenues. Pending the confirmation of the new opening date, the high level implications for TfL will be incorporated into its annual business plan document, which will be published later this month.

26 October 2018 - Crossrail Delay

Transport for London ("TfL") announces that on 26 October 2018 Her Majesty's Government issued an update on Crossrail by way of written statement to Parliament.

The statement confirms an interim financing package between the Government and the Mayor of London. The Department for Transport will provide a short-term loan of £350m to London, which will enable Crossrail Limited to continue its construction work and vital testing at pace to open the Elizabeth line to passengers as quickly as possible. 

The joint sponsors of the project have commissioned independent reviews into Crossrail Limited's governance and financing to ensure its projections are robust. These reviews are being carried out by KPMG and once this work is finalised a full financing agreement will be developed by the Government and Mayor of London.

In addition, as a result of the delay in the opening of the Elizabeth line services, TfL is likely to see a reduction in its estimated passenger revenues. The full implications for TfL will be set out as part of the annual business planning process at the end of 2018.

31 August 2018 - Elizabeth Line services through central London

Transport for London ("TfL") confirms that Elizabeth line services through central London are expected to open in autumn 2019. The revised schedule is needed by Crossrail Limited to complete the final infrastructure and testing required to ensure the Elizabeth line opens as a safe and reliable railway.

Crossrail Limited are working to establish any additional impact on funding from the revised schedule.

31 July 2018 - TfL Annual Report 2017/18

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2018.

A copy of the Annual Report and Statement of Accounts is available for download on the Annual Reports - past years page.

24 July 2018 - Annual Update on Crossrail 2018

Transport for London ("TfL") announces that on 24 July 2018 Her Majesty's Government issued its Annual Update on Crossrail 2018 by way of written statement to Parliament.

The statement reports on progress made with the Crossrail project in the past year and sets out that an additional four per cent of funding will be provided to supplement the 2010 funding in order to complete the transformational project. TfL's contribution will be £150m.

2017/18

13 March 2018 - Credit Rating Action

On 13 March 2018, S&P Global Ratings (S&P) lowered its long-term issuer credit rating of TfL to 'AA-' from 'AA' and changed the outlook to 'stable' from 'negative'. At the same time, S&P affirmed its 'A-1+' short-term rating of TfL.

The stable outlook reflects their expectation that pressure on TfL's financial position will be balanced in the coming years by an increase in passenger journeys following the opening of the Elizabeth line and savings from its cost reduction programme.

27 September 2017 - TfL Credit Rating

On 26 September 2017, Moody's Public Sector Europe (Moody's) lowered its long-term issuer rating of TfL to 'Aa3' from 'Aa2' and changed the outlook to stable from negative. At the same time, Moody's affirmed its 'P-1' short-term issuer rating of TfL.

The rating action on TfL follows the downgrade by Moody's of the UK's long-term issuer rating to 'Aa2' from 'Aa1' and the change of the outlook to stable from negative on 22 September 2017. It reflects the close institutional, operational and financial linkages between TfL and the UK sovereign.

26 September 2017 - TfL Annual Report and Statement of Accounts

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2017.

A copy of the Annual Report and Statement of Accounts is available for download on the Annual Reports - past years page.

2016/17

31 March 2017 - TfL Funding Agreement

TfL announces that it has received a revised funding agreement from the Secretary of State for Transport.

The revised funding agreement covers the period from 2017/18 to 2020/21 and replaces the previous funding agreement dated 2 March 2016.

The funding agreement may be found on TfL's website on the Funding letters page.

19 July 2016 - TfL Annual Report and Statement of Accounts 2015/16

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2016.

A copy of the Annual Report and Statement of Accounts is available for download on the Annual Reports - past years page.

4 July 2016 - Review of TfL's Credit Rating

On 1 July 2016, Fitch Ratings (Fitch) lowered its long-term issuer credit rating of TfL to 'AA-' from 'AA' and revised the outlook to negative from stable. At the same time, Fitch affirmed its 'F1+' short-term issuer credit rating of TfL.

The rating action reflects the downgrade by Fitch on the UK's long-term issuer credit rating, which was lowered to 'AA' from 'AA+' and revision of the outlook to negative from stable on 27 June 2016.  This action primarily reflects the UK referendum vote on 23 June 2016 to leave the European Union.

30 June 2016 - Review of TfL's Credit Rating

On June 29 2016, S&P Global Ratings (S&P) lowered its long-term issuer credit rating of TfL to 'AA' from 'AA+'. At the same time, S&P affirmed its 'A-1+' short-term issuer credit rating of TfL. The outlook is negative.

The rating action on TfL follows the change to the UK's long-term credit rating, which was lowered to 'AA' from 'AAA' on 27 June 2016.

The negative outlook represents risks to the institutional framework for UK local and regional governments, and uncertainty arising from the UK's decision to leave the EU in the recent referendum.

Separately, on 29 June 2016, Moody's Public Sector Europe (Moody's) changed the outlook on TfL from stable to negative and affirmed TfL's Aa2 long-term rating. The action followed a referendum vote in favour of the UK leaving the European Union and the change in the outlook on the UK's Aa1 government bond rating to negative from stable on 24 June 2016. TfL's P-1 short-term rating by Moody's was affirmed.

24 May 2016 - Chair of the Transport for London board

In the context of its £5,000,000,000 European Medium Term Note Programme and the Notes issued thereunder, Transport for London ("TfL") announces that the Mayor of London, Sadiq Khan, has taken up the role of chair of the TfL Board.

2015/16

3 March 2016 - Spending Review 2015: TfL Funding Agreement

TfL announces that following the 2015 Comprehensive Spending Review, TfL has now received a revised funding agreement from the Secretary of State for Transport.

The revised funding agreement covers the period from 2016/17 to 2020/21 and replaces the previous funding agreement of 2013.

The funding agreement may be found on TfL's website on the Funding letters page.

24 September 2015 - Commissioner of Transport For London

The Mayor of London, Boris Johnson and the Board of TfL on 24 September 2015 have confirmed the appointment of Mike Brown MVO as the new Commissioner of Transport for London, following an international recruitment and selection process. Mike Brown, who has been Interim Commissioner since 16 July 2015 following the appointment of former Commissioner Sir Peter Hendy CBE as Chairman of Network Rail, will take up the post with immediate effect.

Mike Brown has been TfL's Managing Director of London Underground and Rail since 2010, where he has overseen record performance of the Tube, DLR and London Overground alongside the vital modernisation of the network and customer service.

23 July 2015 - Publication of MTN Prospectus

The following prospectus has been approved by the UK Listing Authority and is available for viewing:

Prospectus dated 23 July 2015 (the "Base Prospectus") relating to the Transport for

London £5,000,000,000 Euro Medium Term Note Programme

A copy of the Base Prospectus and the documents incorporated by reference therein have been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM

17 July 2015 - Managing Director, Finance of Transport for London

Transport for London announces that Steve Allen Managing Director, Finance is stepping down from his role with effect from 1 October 2015 to take up a new position of Chief Financial Officer at HS2 Limited.

Ian Nunn, who is joining TfL as Chief Finance Officer on 1 September 2015, will be interim Managing Director, Finance until a permanent appointment is made. Ian is currently Chief Financial Officer at the Ordnance Survey and was previously the Chief Financial Officer of Eurostar.

15 July 2015 - TfL Annual Report and Statement of Accounts 2014/15

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2015.

A copy of the Annual Report and Statement of Accounts is available for download on the Annual Reports - past years page.

26 June 2015 - Commissioner of Transport for London

The Secretary of State for Transport on 25 June 2015 announced that Sir Peter Hendy CBE, Commissioner of TfL, has accepted the appointment of Chair of Network Rail with effect from 16 July 2015. With effect from this date, Mike Brown MVO, currently Managing Director, London Underground and London Rail, will be acting Commissioner of TfL, pending a full recruitment process.

22 April 2015 - TfL Publishes Final Terms for issue of £400m 2.125% Notes due April 2025

The following final terms (the "Final Terms") are available for viewing:

Final Terms dated 22 April 2015 relating to the issue by Transport for London of £400,000,000 2.125 per cent. Notes due April 2025 under the £5,000,000,000 Euro Medium Term Note Programme.

2014/15

11 December 2014 - 2014 Business Plan

Transport for London (TfL) has today published its updated Business Plan, which covers the period from 2014/15 to 2020/21.

A copy of the 2014 Business Plan is available for download on the Budget & Business Plan - past years page.

16 July 2014 - TfL Annual Report and Statement of Accounts 2013/14

Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2014.

A copy of the Annual Report and Statement of Accounts is available for download on the Annual Reports - past years page.

14 May 2014 - TfL publishes Final Terms for £130m tap of existing 4% Notes due April 2064

Final Terms dated 12 March 2014 relating to the issue by Transport for London of £370,000,000 4 per cent. Notes due April 2064 under the £5,000,000,000 Euro Medium Term Note Programme.

A copy of the Final Terms has been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM