TfL Statement - TfL Funding Update (19th February)
A Transport for London (TfL) spokesperson said: "We continue to discuss our funding requirements with the government. 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. We hope these discussions can be concluded successfully soon."
It is essential London receives the 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.
TfL provides the following information to the markets:
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, whilst 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.
The original terms of the Funding Package announced on 1 June 2021 can be found in the funding letter.