Thank you for contacting me about funding for Transport for London (TfL).
TfL is a statutory corporation created by the Greater London Authority Act 1999. This Act gives the Mayor of London a general duty to develop and apply policies to promote and encourage safe, integrated, efficient and economic transport facilities and services to, from and within London.
I know that the Government is committed to supporting London and the transport network on which it depends, while also supporting the national transport network.
In August 2022, a settlement was agreed between the Department for Transport and TfL which will support almost £3.6 billion worth of projects and secures the long-term future of London’s transport network.
The settlement, which includes just under £1.2 billion of upfront funding and brings the government’s total funding to over £6 billion, matches the Mayor’s own pre-pandemic spending plans. The settlement will ensure the network is not only protected against potential lost revenue caused by the uncertainty of post-pandemic demand but will also enable the delivery of a number of projects set to revolutionise travel across London. This includes brand new Piccadilly line trains, as well as modernisations and upgrades across the District, Metropolitan, Hammersmith and City and Circle lines in addition to the long-awaited repair of Hammersmith Bridge, the extension of the Northern Line and vital improvements to Elephant and Castle station.
To help keep vital public transport services running in London during the pandemic, I know that the Government provided TfL with funding worth over £4.5 billion. However, support has always been awarded on the condition that TfL reaches financial sustainability as soon as possible.
Thank you again for taking the time to contact me.