TfL secures funding till May

The government and Mayor of London have agreed to extend the current Transport for London funding deal, which was due to run out on 31 March 2021.

The extended deal will continue to support the capital and the transport network until 18 May 2021, when the government says a new funding deal will be put in place.

The Department for Transport says the Prime Minister’s roadmap “to cautiously and safely reopen society and our economy” means we can better understand the potential recovery in passenger demand, “ensuring we deliver a sensible and appropriate deal in the future”. As a result, and given the Mayoral election timetable, we have therefore agreed to roll over the existing funding deal until 18 May on the same terms as now, providing certainty over the pre-election period.

“Together, the government and the newly elected Mayor will agree a new funding deal after the elections in May 2021,” a statement reads. “By this point, non-essential retail and other parts of the economy should be open and transport demand on the network will be considered when formulating a future settlement.”

The extension comprises two additional funding payments totalling £260 million with a top-up grant available based on actual passenger revenues. This will take total taxpayer support for TfL to more than £3 billion since March 2020.

(Picture – Highways News)

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