"Since keeping London moving through the darkest periods of the pandemic we have been making the case to Government that there can be no UK recovery without a London recovery and that there can be no London recovery without a properly funded transport network.
"We are grateful for the support we have received so far, and maintain we have met every condition that has been set by Government as we have worked towards agreeing a multi-year funding settlement that would give certainty to London and to the tens of thousands of jobs across the country that are directly linked to TfL.
"Every other major transport system around the world receives central Government funding, and London needs the same if it is to have a transport network that can continue to support homes, jobs, opportunities and economic growth. The importance of a properly funded transport network, which can offer a viable alternative to car use and can play its part in addressing the climate emergency, has again been highlighted in recent weeks.
"We have today (28 July 2022) agreed with the Government that our existing funding agreement will be extended until midday on 3 August 2022 while we continue to discuss the draft funding proposal from the Government. We have previously set out that we would need £927m for the remainder of this year, as well as a long-term capital funding deal to support London's economic recovery. We are considering whether the proposal from Government meets that need and if not the very difficult set of choices we would need to make.
"There are some significant issues we need to discuss with the Government in terms of deliverability and the need to avert managed decline of the capital's transport network in both the short and longer terms. We hope these discussion can be concluded successfully soon."