TfL Statement - TfL Funding Update - 22 July

22 July 2022

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

Andy Byford, London's Transport Commissioner said: "Since keeping London moving through the darkest periods of the pandemic we have been making the case to Government that there can be no UK recovery without a London recovery and that there can be no London recovery without a properly funded transport network. 

"We are grateful for the support we have received so far, and maintain we have met every condition that has been set by Government as we have worked towards agreeing a multi-year funding settlement that would give certainty to London and to the tens of thousands of jobs across the country that are directly linked to TfL.

"Every other major transport system around the world receives central Government funding, and London needs the same if it is to have a transport network that can continue to support homes, jobs, opportunities and economic growth. The importance of a properly funded transport network, which can offer a viable alternative to car use and can play its part in addressing the climate emergency, has again been highlighted in recent days. 

"We have this evening (22 July 2022) received a draft proposal from the Government, which we are now reviewing in detail. No agreement has yet been reached and we must make sure that the proposal is fair and that the conditions are realistic and deliverable. We will respond to the Government as soon as possible."

Notes to editors

TfL provides the following information to the markets:

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.