Government Only Committing To Funding TfL for a Week
Negotiation of support package needs to be concluded by Friday
Transport for London (TfL) has confirmed this Friday (10 December) that the government has agreed to extend its financial support for another week.
Discussions on the ongoing funding for London's transport network will continue for the next few days.
TfL says that if a comprehensive funding package cannot be agreed then substantial cuts to tube, train and bus services will be necessary as well as the scrapping of planned cycle routes.
A Transport for London (TfL) spokesperson said: “We continue to discuss our funding requirements with the Government, who have today indicated their intention to extend our funding support for TfL through until 17 December 2021.
“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 the discussions can be successfully concluded soon.”
TfL has indicated to the financial markets that it 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 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 provided support for the period from 29 May 2021 to 11 December 2021.
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December 11, 2021