Underground, Overground, funding agreed

TfL and Government agree long-term deal

Transport for London (TfL) has reached a long-term funding agreement from central Government with around £1.2 billion committed until the end of March 2024. The deal was agreed at a TfL board meeting on 30 August.

It follows months of negotiations and short-term funding deals to ensure TfL can continue to operate, although since early August when the last short-term deal expired, TfL has funded itself from reserves.

Under the terms of the deal, the Government will take revenue risk and if necessary, provide revenue support should passenger numbers and revenues not recover at the rate predicted.

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