Commons Sense

House of Commons · Written Ministerial Statement

TfL Long Term Funding Settlement

05 September 2022 · Department for Transport

Proposed by Grant Shapps Con Welwyn Hatfield

Transport

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The UK Government has agreed to a new 1.1bn grant funding settlement with Transport for London until March 2024.
  • This funding will unlock critical infrastructure investment worth almost 3.6bn.
  • The settlement includes upgrades to Piccadilly line trains and modernisation of other Underground lines.

Issue summary

The statement discusses a new long-term funding settlement between Transport for London (TfL) and the UK Government.

Action requested

I have agreed with the Mayor of London on a new £1.1bn grant funding settlement until March 2024, which will unlock critical infrastructure investment worth almost £3.6bn. This includes upgrades to Piccadilly line trains and modernisation of other Underground lines, supporting major repair projects and Overground extensions.

Key facts

  • The final extraordinary funding settlement expired on 3 August.
  • A new settlement is agreed until 31 March 2024 or financial sustainability whichever comes sooner.
  • Over £1.1bn of additional grant funding for London transport until March 2024.
  • £3.6bn worth of critical infrastructure investment will be unlocked.
  • Upgrades include new Piccadilly line trains and the modernisation of District, Metropolitan, Hammersmith and City, and Circle lines.
  • The settlement supports repair of Hammersmith Bridge and improvements to Elephant and Castle station.
  • A London Overground extension between Gospel Oak and Barking Riverside is included.
  • TfL must continue work on driverless trains introduction.
  • Government has provided over £5bn funding support since the beginning of the pandemic.
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