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The current Transport for London funding settlement has been extended to 28 July 2022.
Following my statement to the House on 27 June, I am updating the House on an extension of the current Transport for London (TfL) funding settlement that was due to expire on 13 July to 28 July. This has been agreed by the Mayor of London.
Since the start of the pandemic, we have supported the transport network in London with over £5 billion funding through extraordinary funding settlements for TfL. We have recognised the reliance of London’s transport network on fare revenue, and government continues our commitment to mitigating loss of fare revenue because of the pandemic.
This extension to the current funding settlement is necessary due to the unsatisfactory progress made by TfL on meeting agreed deadlines, including relating to pensions. Resolving these issues is an integral part of setting TfL on the path to financial sustainability, and government stands ready to engage constructively to reach a resolution. This extension ensures that they receive due attention.
Government is committed to supporting London’s transport network as we have since the start of the pandemic and is in discussions with TfL on a longer-term settlement. By rolling over the provisions of the existing agreement, the extension provides continued support to TfL and certainty to Londoners while we work with TfL on their funding needs.
This extraordinary support to TfL has always been on the condition that TfL reaches financial sustainability as soon as possible and with a target date of April 2023 and government continues to press the Mayor of London and TfL to take the decisions needed to put the organisation on a sustainable footing. I will update the House at my earliest opportunity on the details of any longer-term funding settlement.
