The latest short extension to Government funding for Transport for London expired at midday on 3 August, still without a sign of a long-term deal being agreed.
The extension had been agreed the previous week while TfL and the Mayor of London considered a Government offer for a deal reported to run until 2024. TfL Commissioner Andy Byford has said the organisation needs £927 million in revenue support for the current financial year, and it is also seeking capital funding for three years. Transport Secretary Grant Shapps tweeted that he had offered TfL ‘a settlement that supports £3.6bn worth of projects, matching the Mayor's own spending plans from 2019. This is our final offer which more than delivers for London while being fair to UK taxpayers.’
On 3 August, Mr Byford reiterated that TfL is grateful for the support TfL has received so far. ‘We are in active discussion with the Government to ensure that the draft funding proposal that they have made is fair and deliverable and can prevent the managed decline of the capital's transport network’ he said. ‘We hope these discussions can be concluded successfully soon.’