The government will issue Transport for London (TfL) £200 million in emergency funding, the fourth emergency package since March 2020…
Emergency Funding for TfL
TfL will receive £200 million in emergency funding from the government, which will run until June 24th. It’s the fourth emergency funding package the organisation has received since March 2020. The last package had been due to end on February 25th. The latest arrangement also opens the door to a longer-term capital investment deal.
Any longer deal would have to involve significant cooperation with the government from both TfL and the Mayor of London, the government has claimed. This would involve meeting previously set conditions and providing data concerning investment plans. Overall, TfL has received nearly £5 billion in government funds over the last two years.
‘Fair to Taxpayers’
Grant Shapps, the Transport Secretary, has stated that any agreements with TfL must be ‘fair’ to taxpayers. He said, “over the past two years, the Government has repeatedly shown its commitment to London and the transport network it depends upon, by providing close to £5bn in emergency funding”.
He continued, “these support packages must be fair to all taxpayers; and the settlement agreed today provides enough to cover lost revenue from the pandemic while the Mayor follows through on his promises to keep TfL on the path to financial sustainability by 2023″.
TfL has been struggling financially for a number of years. The impact of the coronavirus pandemic, and the sharp decline in the use of public transport, severely depleted its sources of revenue.
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