Transport for London (TfL) has today, Monday, 18 December, reached an agreement with the Government for £250m in capital investment funding to be provided by the Government to provided to Transport for London over the next year.

In response to the announcement, Andy Lord, London’s Transport Commissioner, said: “Through a huge effort to reduce costs and rebuild our ridership and revenue following the pandemic, TfL is now on track to be financially sustainable in terms of its day-to-day operations. We are also able to cover the cost of the majority of our capital investment.

“We, alongside London’s business stakeholders and others, have consistently made the case that additional Government support for capital investment in transport is needed if we are to be able to continue to deliver vital improvements to London’s transport network, unlock new homes and support growth across London and the UK.

“It is good news that we have now reached an agreement with the Government on the capital support that they will provide over the next year, and we are grateful for the support. However, we will now need to reassess our recent draft business plan and address the impact of the continuing shortfall in funding. That work is underway so that we can confirm as soon as possible what we will deliver for London.”