Transport for London is hoping to agree a new funding deal with Central Government this week, as it faces running out of money at the end of the month.

The capital’s transport body has been here twice before, needing a total of £3.3 billion so far to fund the gap caused in part by the huge drop in passenger numbers since Coronavirus restrictions were introduced a year ago.

London financial paper City AM reports that since the last bailout was agreed in November, TfL has been pushing hard for a multi-year package in order to help stabilise its finances saying such an approach would be in line with how the government treats bodies like Highways England or Network Rail.

The report says TfL wants £3 billion for the next financial year for operational costs plus another £1.6 billion year from 2023 to 2030 to invest in new trains and signalling equipment on the Tube, as well as replacing the whole London bus fleet with electric models.

(Picture – Highways News)