Monday 22 Mar 2021

TfL Statement - Extension of TfL’s government funding deal

A Transport for London (TfL) spokesperson said: 'We have today agreed with the government that our funding will be extended until 18 May on the same terms that have applied to our funding for the second half of 2020/21.

“We continue discussions with the government on our need for further financial support and a long-term capital funding deal. This is vital for us to support a strong and robust recovery from the pandemic and to provide confidence to our UK-wide supply chain.”

Contact Information

TfL Press Office
Transport for London
0343 222 4141
pressoffice@tfl.gov.uk

Notes to editors

Notes to Editors:

It has today been agreed that the existing Funding Package will be extended until 18 May, meaning an additional £260m in base funding plus additional revenue support of approximately £225m (depending on actual fares income) will be provided by the government to TfL over this period.
Before the coronavirus pandemic, TfL was on the path to achieving a level of financial self-sufficiency almost unheard of for transport authorities around the world. But the pandemic has massively impacted TfL's finances and significantly reduced fares revenue.
An effective transport network, investing for the future, is absolutely critical to the safe and successful recovery from the pandemic of London and the UK as a whole. TfL’s Financial Sustainability Plan, which was presented to the government in January, sets out a strategy that would – with long term stable and certain funding – decarbonise transport by 2030, helping achieve national environmental targets and supporting jobs across the country.