TfL gets funding until June
TfL is to receive Government funding until 24 June 2022. The announcement is the latest in a series of bailouts from the Government to support the capital’s transport body due to the affects of Covid.
A statement from the Secretary of State for Transport, RT Hon Grant Shapps, said: “The government is committed to supporting London and the transport network on which it depends, balancing that with supporting the national transport network. I will update the House on the details of the next financial settlement after the close of this extension period.”
“This is crucial for the coming years if a period of the ‘managed decline’ of London’s transport network is to be avoided” – Andy Byford, London’s Transport Commissioner
Andy Byford, London’s Transport Commissioner, said: “Following discussions and negotiation over the last few weeks, I’m pleased that the Government has today confirmed an extension of its funding support for TfL through until 24 June 2022, for which we are grateful.
“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. The Mayor has already set out a range of proposals that will help support TfL’s financial sustainability in the future but it is essential that agreement is reached with Government on longer term capital support during this funding period. This is crucial for the coming years if a period of the ‘managed decline’ of London’s transport network is to be avoided.
“We will be meeting regularly to work towards agreement on the Government funding of the capital investment priorities shared by them, us and the Mayor. The Government has confirmed in this agreement that they support the operation and maintenance of essential and safe transport services in London, enabling us to continue our full and vital contribution to economic recovery and to support the Government’s priorities on decarbonisation, air quality and making transport better for users.
“Working together, we must achieve this longer-term funding settlement. Only that would ensure London’s transport network can remain safe, efficient and reliable, can continue to 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.”