TfL bailed out till May

The government has offered to extend its emergency funding deal with Transport for London until May, to ensure services can continue running.

London financial paper City AM reports the proposed deal would be TfL’s third bailout in the past year, after the body’s revenue plummeted by more than 90% last March during when the Government first introduced Coronavirus restrictions.

Transport Secretary Grant Shapps tweeted , “I’ve offered TfL an extension of the current emergency funding deal, until 18 May, on the same terms as now,” Shapps tweeted.

“This will ensure services continue to run across London and we’ll ensure a new deal is in place by May as the PM’s unlock roadmap progresses.”

The paper quotes a spokesperson for London Mayor Sadiq Khan saying, “We will work as quickly as possible to determine whether this is in Londoners’ best interests ahead of any final offer being received from the government.

“Ministers need to provide TfL with long-term financial sustainability to ensure London makes a rapid recovery to support the country’s recovery.”

(Picture – Highways News)

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