TfL funding package from the DfT extended

It has been confirmed that the current funding package between Transport for London and the Department for Transport has been extended until 18th May 2021. The package had originally been due to end on 31st March 2021 but with the continued restrictions on public transport still in place it has been agreed the package should be extended upon which a further review will take place.

This extension will also take the package through to the London Mayoral elections which will then allow whoever wins that election to agree a new funding deal. With the “roadmap” suggesting restrictions will have been eased by then it is hoped that a more realistic funding solution will be able to be agreed by both parties at this point.

The package now agreed includes two additional funding payments which will total £260 million plus a top-up grant available based on actual passenger revenues. This means that the government will have provided more than £3 billion to TfL since March 2020. Again, the funding is on the condition that TfL must make efficiency savings so it can reach financial sustainability.

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