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

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. It is essential London receives 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. 

 
"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."

Additional Information:

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