The current funding deal was due to expire on 4 February, but negotiations between the Government and Transport for London have resulted in an extension until 18 February.  This short extension will enable time to finalise the terms of a settlement for this period.

At the moment, Transport for London is confronting a £1.9bn budget loss and has warned of massive cuts to bus, Tube and road services, these issues have been exacerbated by the Covid crisis.

Moreover, the Government provided Transport for London £4.5 billion funding through funding settlements and are in the midst of discussions with Transport for London about a fourth funding settlement.

Grant Shapps MP, Secretary of State for Transport, said:  “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 fourth funding settlement.”