TfL Statement - TfL Funding Update

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 today (24 June) agreed with the Government that our existing funding agreement will be extended until 13 July 2022 so these discussions can be resumed. Whilst in receipt of Government support, we have worked hard to progress all conditions placed on TfL, and continue to believe that we have met them all. Working together, we must achieve a longer term capital 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. We hope these discussions can be concluded successfully soon.'

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Notes to editors:

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