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TFL COMMISSIONER: ‘THERE IS NO NEGOTIATION’
FUNDING SUPPORT for Transport for London has been extended to 18 May pending agreement of a new deal between the Government and TfL, while both the UK and Scottish Governments have extended ongoing support for light rail systems.
The deal for TfL represents a continuation of the terms of the funding package for the second half (H2) of 2020-21, with a new funding deal to be agreed after the mayoral election in early May. The extension from 31 March to 18 May comprises an additional £260 million in base funding plus additional revenue support of approximately £225 million, dependent on actual fares income. In a written statement to Parliament, Transport Secretary Grant Shapps said the extension would provide ‘certainty over the pre-election period’.
‘NO NEGOTIATION’
TfL’s Chief Finance Officer Simon Kilonback told TfL’s board on 16 March, before the extension was announced, that the organisation had asked for a one-year rollover of the 2020-21 H2 deal. He said TfL needed £2 billion per annum to deliver financial sustainability in accordance with the scenario set out in the Financial Sustainability Plan it submitted to Government in January. Mr Kilonback s…
