House of Commons · Written Ministerial Statement
Transport Update
25 February 2022 · Department for Transport
Proposed by Grant Shapps Con Welwyn Hatfield
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Transport for London receives an additional 200 million in emergency funding until June 24, 2022.
- The UK government will cover fare revenue losses for TfL as part of the settlement.
- A longer-term capital settlement will be considered based on TfL's cooperation and data provision.
Issue summary
The statement addresses an extraordinary funding settlement between Transport for London (TfL) and the UK government, extending financial support due to the pandemic's impact on TfL.
Action requested
A new settlement providing TfL with £200 million in emergency funding until June 24, 2022, is announced. The government also commits to covering fare revenue losses and will consider a longer-term capital settlement contingent upon TfL's cooperation and provision of necessary data.
Key facts
- Government's overall contribution to TfL is close to £5bn.
- Ongoing annual capital commitment from the Spending Review is just over a billion pounds per year.
- A new funding period until June 24, 2022, provides £200 million in emergency funding.
- Mayor of London agrees to prepare a plan for up to £400m in operating cost savings by 2022/23.
- TfL is expected to progress with consultation on raising between £0.5-1.0bn annually from 2023.