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TfL funding extended until Friday as transport body seeks long-term deal

This is the latest in a series of short-term extensions as the transport body tries to secure a long-term deal.

Neil Lancefield
Monday 21 February 2022 11:37 GMT
Transport for London has agreed with the Government to extend its existing funding package until Friday (Aaron Chown/PA)
Transport for London has agreed with the Government to extend its existing funding package until Friday (Aaron Chown/PA) (PA Archive)

Transport for London (TfL) has agreed with the Government to extend its existing funding package until Friday.

This is the latest in a series of short-term extensions as the transport body tries to secure a long-term deal.

TfL has repeatedly issued stark warnings that it will be forced to begin a ā€œmanaged declineā€ of the capital’s public transport network unless it secures a multi-year funding deal to replace fares revenue lost during the coronavirus pandemic.

I urge the Government to engage with TfL and City Hall in good faith

Sadiq Khan, Mayor of London

Mayor of London Sadiq Khan said: ā€œThis extension to the current funding deal until Friday February 25 will allow negotiations to continue.

ā€œThe pandemic is the only reason TfL is facing a financial crisis.

ā€œI urge the Government to engage with TfL and City Hall in good faith so that we can finally agree a fair, long-term funding deal that will protect London’s transport network – for the sake of the capital and the whole country.

ā€œLondon’s economy plays a huge role in the national economy and around 43,000 jobs outside London depend on TfL’s investment.

ā€œIf the Government fails to support TfL at this difficult time, it could impact TfL’s UK-wide supply chain, hitting jobs and growth and holding back the economic recovery in London and across the UK.ā€

Transport Secretary Grant Shapps said: ā€œWe have provided TfL with a deal that both supports London’s transport network and is fair to taxpayers across the UK.

ā€œThey have asked for more time to consider the settlement, therefore we have agreed a short extension until February 25 for this to take place.ā€

He added: ā€œSince the start of the pandemic, we have supported TfL with over Ā£4.5 billion funding through extraordinary funding settlements for TfL.

ā€œWe have recognised the reliance of London’s transport network on fare revenue.ā€

Manuel Cortes, general secretary of the Transport Salaried Staffs’ Association, said: ā€œYet again we see Conservative ministers treating our great capital city with contempt.

ā€œThey need to stop playing politics with Transport for London and offer a long-term meaningful financial package.ā€

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