Transport for London has secured round £1.2bn in funding from the federal government, however the metropolis’s mayor has warned the settlement is “far from ideal”.
The funding package deal replaces TfL’s final bailout, which was the fourth because the starting of the COVID-19 pandemic in early 2020.
Transport for London commissioner Andy Byford stated the settlement, which lasts till the top of March 2024 would carry advantages for the entire nation.
He stated: “There is no UK recovery without a London recovery, and no London recovery without a properly-funded transport network.”
Mr Byford added that the funding would assist keep away from large-scale cuts to companies and would imply the corporate would commit £3.6bn to capital funding over the interval.
Among the initiatives to profit can be new Piccadilly line trains, the restore of Hammersmith Bridge and the extension of the Northern line.
London Mayor Sadiq Khan stated that the settlement introduced “a number of key concessions from the government”, though he warned that it was “far from ideal”.
He stated there would nonetheless be a £740m funding hole in TfL’s funds over the following 20 months, including: “We will likely have to increase fares in the future and still proceed with some cuts to bus services.
“There are additionally onerous strings hooked up, resembling the federal government’s situation requiring TfL to give you choices for reform of TfL’s pension scheme at tempo, which may properly result in extra industrial motion and extra disruption for commuters.
“These are things we have had no choice but to accept in order to get the deal over the line to avoid TfL becoming bankrupt, to save the jobs of thousands of transport workers and to keep trains, tubes and buses running across our city.”
Mr Khan added: “The sole cause of TfL’s financial crisis was the impact of the pandemic so it’s simply wrong to punish Londoners and transport workers in this way.
“Levelling up the nation shouldn’t be about levelling down London.”
Transport Secretary Grant Shapps said: “For over two years now we have repeatedly proven our unwavering dedication to London and the transport community it is determined by, however we’ve got to be honest to taxpayers throughout your entire nation.
“This deal more than delivers for Londoners and even matches the mayor’s own pre-pandemic spending plans, but for this to work the mayor must follow through on his promises to get TfL back on a steady financial footing, stop relying on Government bailouts and take responsibility for his actions.
“Now is the time to place politics to at least one aspect and get on with the job – Londoners rely on it.”
Source: information.sky.com”