TfL secures 10-day funding extension

The Government and Mayor of London have extended the current Transport for London (TfL) funding deal from its expiry date of 18 May to May 28.

In a written statement to parliament, Secretary of State for Transport Grant Shapps said the extension “will provide certainty while we finalise the terms of the next funding deal which will get TfL onto a more financially sustainable footing.”

The extension comprises an additional funding payment of £65 million with a top-up grant based on passenger revenues.