Transport for London (TfL) today issued the following update on Government funding:

Andy Byford, London's Transport Commissioner, said: "The Government has today confirmed an extension of its funding support for TfL through until 4 February, for which we are grateful. The Mayor has also set out a range of proposals that will help support TfL's financial sustainability.

"There is no UK recovery from the pandemic without a London recovery and there is no London recovery without a properly funded transport network in the capital. It is therefore essential that discussions with Government continue so that we can agree the sustained long-term Government funding that is vital for the coming years if a period of 'managed decline' of London's transport network is to be avoided. Working together we must achieve this longer term funding settlement 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. This vital job is far from done."

Additional Information

TfL has provided the following information to the markets:

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 at:

https://content.tfl.gov.uk/tfl-extraordinary-funding-and-financing-settlement-letter-1-june-2021.pdf