Transport for London has funding extended by government

The current Transport for London (TfL) funding settlement that was due to expire on February 18 has been extended until February 25.

This was requested by TfL and has been accepted by government.

Since the start of the pandemic, the government has supported TfL with over £4.5bn funding through extraordinary funding settlements for TfL.

Secretary of State for Transport of the United Kingdom, Grant Schapps MP, said: “We have recognised that demand and, therefore, passenger revenue has been volatile, and have responded accordingly, compensating TfL for that revenue loss to ensure services can be maintained.

“Government is still committed to supporting London’s transport network as we have since the start of the pandemic and it has offered TfL and the Mayor of London a fourth extraordinary funding agreement.

“TfL has asked for an extension of one week to allow the Mayor of London to consider the terms of the settlement letter and agree it with government.

The Secretary of State concluded: “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.”