Department for Transport
Interim extension of Transport for London funding settlement
An interim extension of the current Transport for London funding settlement has been granted until 13 July 2022.
Following my statement to the House on 25 February 2022, I am updating the House on a short extension of the current Transport for London (TfL) funding settlement that was due to expire on 24 June 2022 by 19 days to 13 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 nearly £5 billion funding through extraordinary funding settlements for Transport for London. 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 in part due to the unsatisfactory progress made by TfL on its conditions, including 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, as well as allowing time for both sides to consider a longer-term capital settlement.
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 its emergency funding needs.
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 capital settlement.
Latest News from
Department for Transport
£161 million to transform Oxford Station, bringing faster journeys to thousands18/08/2022 10:10:00
The government is funding upgrades at Oxford station that will result in quicker journeys.
New maritime security strategy to target latest physical and cyber threats15/08/2022 14:20:00
5-year strategy launched to enhance maritime technology, innovation and security and reduce environmental damage.
Major boost to Welsh economy as A4119 upgrades start construction15/08/2022 13:10:00
The new A4119 will boost the local economy, create jobs and improve local infrastructure.
Huge increase in lorry driving tests following government action11/08/2022 14:20:00
Official statistics reveal 74% more lorry tests were carried out between January and March 2022 compared to pre-pandemic levels.
Vital A38 upgrades to support thousands of new homes and jobs in Worcestershire08/08/2022 13:10:00
People in Worcestershire are set to benefit from more than £43 million of government funding for A38 upgrades.
Views sought on options to streamline driver licensing and support jobs05/08/2022 13:10:00
Call for evidence to help create new opportunities in logistics and support the UK supply chain.
Transport Secretary, Grant Shapps speaking ahead of Wednesday's rail strikes27/07/2022 11:10:00
The Secretary of State for Transport speaks ahead of rail strikes planned for today.
History made as Dorothy – HS2’s state-of-the-art tunnel boring machine – completes the project’s first tunnel after 8 months underground26/07/2022 10:10:00
Historic breakthrough on London to Birmingham route.